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Fear of ruin and longevity enhancing investment

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  • EECKHOUDT, Louis

    (---)

  • PESTIEAU, Pierre

    (Université catholique de Louvain (UCL). Center for Operations Research and Econometrics (CORE))

Abstract

Rectangularization of the survival probability seems to be an ongoing process. It results from a higher concentration of the ages at death; but it can be reversed by a continuous increase in the limit of life time. In this paper, we assume that these two factors are endogenous and we show that risk averse decision makers exhibit a bias towards rectangularization. More specifically, the importance of the bias depends upon the intensity of the "fear of ruin" which is another measure of the degree of absolute risk aversion.

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File URL: http://www.uclouvain.be/cps/ucl/doc/core/documents/coredp2007_32.pdf
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Bibliographic Info

Paper provided by Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) in its series CORE Discussion Papers with number 2007032.

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Date of creation: 01 May 2007
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Handle: RePEc:cor:louvco:2007032

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Related research

Keywords: longevity; fear of ruin;

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Cited by:
  1. Marie-Louise Leroux, 2011. "Endogenous differential mortality, non-contractible effort and non-linear taxation," International Tax and Public Finance, Springer, vol. 18(1), pages 56-73, February.
  2. LEROUX, Marie-Louise & PESTIEAU, Pierre & PONTHIÈRE, Grégory, 2008. "Should we subsidize longevity?," CORE Discussion Papers 2008058, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  3. Pierre Pestieau & Gregory Ponthiere, 2012. "The Public Economics of Increasing Longevity," Hacienda Pública Española, IEF, vol. 200(1), pages 41-74, March.
  4. repec:hal:wpaper:halshs-00586236 is not listed on IDEAS
  5. PESTIEAU, Pierre & PONTHIERE, Grégory & SATO, Motohiro, . "Longevity, health spending, and pay-as-you-go pensions," CORE Discussion Papers RP -2029, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  6. repec:hal:wpaper:halshs-00676492 is not listed on IDEAS
  7. Marie-Louise Leroux & Pierre Pestieau & Gregory Ponthiere, 2011. "Optimal linear taxation under endogenous longevity," Journal of Population Economics, Springer, vol. 24(1), pages 213-237, January.
  8. repec:hal:wpaper:halshs-00586241 is not listed on IDEAS
  9. Pierre Pestieau & Grégory Ponthiere, 2012. "On the Policy Implications of Changing Longevity," CESifo Working Paper Series 3926, CESifo Group Munich.
  10. repec:hal:wpaper:halshs-00586010 is not listed on IDEAS

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