The Geometry of Life Annuities
AbstractStraightforward geometry can be used to explain the role for life annuities in smoothing individual consumption during retirement. In the aggregate, there is a surprising analogy with a standard diagram from trade theory. That diagram takes careful account of the government revenues foregone when there is a move from tariffs to free trade. Here the authors find a similar geometric interpretation of the proceeds from deceased estates which need to be accounted for when comparing a no-annuities economy with its annuitized counterpart. By the same token, there are considerable gains from opening up a market for life annuities, even after deceased estates are taken into account. Copyright 1999 by Blackwell Publishers Ltd and The Victoria University of Manchester
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Bibliographic InfoArticle provided by University of Manchester in its journal Manchester School.
Volume (Year): 67 (1999)
Issue (Month): 2 (March)
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- Fehr, Hans & Habermann, Christian, 2008. "Welfare effects of life annuities: Some clarifications," Economics Letters, Elsevier, vol. 99(1), pages 177-180, April.
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