Welfare effects of life annuities: Some clarifications
AbstractThe present paper clarifies the intergenerational welfare effects of life annuities. While present young cohorts experience significant welfare gains, future generations are hurt by lower bequest. For sufficiently high interest rates long-run welfare will decrease although aggregate efficiency rises.
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Bibliographic InfoArticle provided by Elsevier in its journal Economics Letters.
Volume (Year): 99 (2008)
Issue (Month): 1 (April)
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Web page: http://www.elsevier.com/locate/ecolet
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