From intertemporal smoothing to intergenerational risk sharing : the effects of diferent return smoothing mechanisms in life insurance

<?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.loc.gov/MARC21/slim http://www.loc.gov/standards/marcxml/schema/MARC21slim.xsd">
  <record>
    <leader>00000cab a2200000   4500</leader>
    <controlfield tag="001">MAP20260003030</controlfield>
    <controlfield tag="003">MAP</controlfield>
    <controlfield tag="005">20260211184253.0</controlfield>
    <controlfield tag="008">260206e20250811che|||p      |0|||b|eng d</controlfield>
    <datafield tag="040" ind1=" " ind2=" ">
      <subfield code="a">MAP</subfield>
      <subfield code="b">spa</subfield>
      <subfield code="d">MAP</subfield>
    </datafield>
    <datafield tag="084" ind1=" " ind2=" ">
      <subfield code="a">6</subfield>
    </datafield>
    <datafield tag="100" ind1=" " ind2=" ">
      <subfield code="0">MAPA20100039014</subfield>
      <subfield code="a">Kling, Alexander</subfield>
    </datafield>
    <datafield tag="245" ind1="1" ind2="0">
      <subfield code="a">From intertemporal smoothing to intergenerational risk sharing</subfield>
      <subfield code="b">: the effects of diferent return smoothing mechanisms in life insurance</subfield>
      <subfield code="c">Alexander Kling, Timon Kramer and Jochen Ruß</subfield>
    </datafield>
    <datafield tag="520" ind1=" " ind2=" ">
      <subfield code="a">The document provides an in-depth analysis of various return-smoothing mechanisms applied in traditional life insurance products. It compares models based on historical averaging with others that employ collective accounts or buffers, assessing how each method affects annual volatility, risk-sharing, and the final wealth distribution of policyholders. The study shows that mechanisms relying solely on historical averages reduce year-to-year volatility but have little impact on overall maturity risk. In contrast, buffer-based systems can create genuine intergenerational risk-sharing and reduce uncertainty in the final outcome without affecting expected returns. The article also discusses implications for product design, regulation, and efficiency in retirement savings</subfield>
    </datafield>
    <datafield tag="650" ind1=" " ind2="4">
      <subfield code="0">MAPA20080608538</subfield>
      <subfield code="a">Seguros de vida riesgo</subfield>
    </datafield>
    <datafield tag="650" ind1=" " ind2="4">
      <subfield code="0">MAPA20140008254</subfield>
      <subfield code="a">Ahorro a largo plazo</subfield>
    </datafield>
    <datafield tag="650" ind1=" " ind2="4">
      <subfield code="0">MAPA20080592011</subfield>
      <subfield code="a">Modelos actuariales</subfield>
    </datafield>
    <datafield tag="650" ind1=" " ind2="4">
      <subfield code="0">MAPA20080582418</subfield>
      <subfield code="a">Riesgo financiero</subfield>
    </datafield>
    <datafield tag="700" ind1="1" ind2=" ">
      <subfield code="0">MAPA20260002422</subfield>
      <subfield code="a">Kramer, Timon</subfield>
    </datafield>
    <datafield tag="700" ind1="1" ind2=" ">
      <subfield code="0">MAPA20140026906</subfield>
      <subfield code="a">Ruß, Jochen</subfield>
    </datafield>
    <datafield tag="710" ind1="2" ind2=" ">
      <subfield code="0">MAPA20180008764</subfield>
      <subfield code="a">Springer</subfield>
    </datafield>
    <datafield tag="773" ind1="0" ind2=" ">
      <subfield code="w">MAP20220007085</subfield>
      <subfield code="g">11/08/2025 Volume 15 - Number 2 - August  2025 , p. 859 - 884</subfield>
      <subfield code="t">European Actuarial Journal</subfield>
      <subfield code="d">Cham, Switzerland  : Springer Nature Switzerland AG,  2021-2022</subfield>
    </datafield>
  </record>
</collection>