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On the public economics of annuities with differential mortality

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  • BOMMIER, Antoine
  • LEROUX, Marie- Louise

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

  • LOZACHMEUR, Jean- Marie

Abstract

This paper studies the problem of redistribution between individuals having different mortality rates. We use a continuous time model in which there are two types of individuals characterized by different survival probability paths. Individual preferences are represented by a generalized life-cycle utility function which can exhibit temporal risk aversion. We successively compare utilitarian allocations when individuals exhibit temporal risk neutrality and temporal risk aversion. This problem is analyzed in the contexts of full information and asymmetric information on mortality rates.

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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 2009030.

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Date of creation: 01 Apr 2009
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Handle: RePEc:cor:louvco:2009030

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Keywords: uncertain lifetime; redistribution; annuities; nonlinear taxation;

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References

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  1. Antoine Bommier, 2001. "Uncertain lifetime and intertemporal choice : risk aversion as a rationale for time discounting," Research Unit Working Papers 0108, Laboratoire d'Economie Appliquee, INRA.
  2. CREMER, Helmuth & LOZACHMEUR, Jean-Marie & PESTIAU, Pierre, 2007. "Collective annuities and redistribution," CORE Discussion Papers 2007096, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  3. Johann Brunner & Susanne Pech, 2008. "Optimum taxation of life annuities," Social Choice and Welfare, Springer, vol. 30(2), pages 285-303, February.
  4. Barro, Robert J. & Friedman, James W., 1977. "On Uncertain Lifetimes," Scholarly Articles 3451301, Harvard University Department of Economics.
  5. Kihlstrom, Richard E. & Mirman, Leonard J., 1974. "Risk aversion with many commodities," Journal of Economic Theory, Elsevier, vol. 8(3), pages 361-388, July.
  6. Antoine Bommier, 2008. "Rational Impatience ?," Working Papers hal-00441880, HAL.
  7. Levhari, David & Mirman, Leonard J, 1977. "Savings and Consumption with an Uncertain Horizon," Journal of Political Economy, University of Chicago Press, vol. 85(2), pages 265-81, April.
  8. Jeffrey Brown & Jeffrey B. Liebman & Joshua Pollet, 2002. "Appendix. Estimating Life Tables That Reflect Socioeconomic Differences In Mortality," NBER Chapters, in: The Distributional Aspects of Social Security and Social Security Reform, pages 447-458 National Bureau of Economic Research, Inc.
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Cited by:
  1. repec:hal:wpaper:halshs-00676492 is not listed on IDEAS
  2. repec:hal:wpaper:halshs-00575059 is not listed on IDEAS
  3. Pierre Pestieau & Gregory Ponthiere, 2012. "The Public Economics of Increasing Longevity," Hacienda Pública Española, IEF, vol. 200(1), pages 41-74, March.
  4. Delprat, Gaëtan & Leroux, Marie-Louise & Michaud, Pierre-Carl, 2013. "Evidence on Individual Preferences for Longevity Risk," IZA Discussion Papers 7317, Institute for the Study of Labor (IZA).
  5. Antoine Bommier, . "Life-Cycle Preferences Revisited," Working Papers ETH-RC-12-001, ETH Zurich, Chair of Systems Design.
  6. repec:hal:wpaper:halshs-00564934 is not listed on IDEAS
  7. Leroux, M.-L. & Pestieau, P. & Ponthiere, G., 2011. "Longevity, genes and efforts: An optimal taxation approach to prevention," Journal of Health Economics, Elsevier, vol. 30(1), pages 62-76, January.
  8. Pierre Pestieau & Grégory Ponthiere, 2012. "On the Policy Implications of Changing Longevity," CESifo Working Paper Series 3926, CESifo Group Munich.

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