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On the Public Economics of Annuities with Differential Mortality

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Author Info

  • Antoine Bommier

    ()
    (CER-ETH - Center of Economic Research at ETH Zurich, Switzerland)

  • Marie-Louise Leroux

    (2CORE, Université catholique de Louvain)

  • Jean-Marie Lozachmeur

    ()
    (Toulouse School of Economics (CNRS-GREMAQ and IDEI))

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 CER-ETH - Center of Economic Research (CER-ETH) at ETH Zurich in its series CER-ETH Economics working paper series with number 10/135.

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Length: 41 pages
Date of creation: Sep 2010
Date of revision:
Handle: RePEc:eth:wpswif:10-135

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Keywords: Uncertain Lifetime; Redistribution; Annuities; Nonlinear Taxation;

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References

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  1. Antoine Bommier, 2008. "Rational Impatience ?," Working Papers hal-00441880, HAL.
  2. Antoine Bommier, 2006. "Uncertain Lifetime And Intertemporal Choice: Risk Aversion As A Rationale For Time Discounting," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 47(4), pages 1223-1246, November.
  3. 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).
  4. Barro, Robert J. & Friedman, James W., 1977. "On Uncertain Lifetimes," Scholarly Articles 3451301, Harvard University Department of Economics.
  5. 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.
  6. Kihlstrom, Richard E. & Mirman, Leonard J., 1974. "Risk aversion with many commodities," Journal of Economic Theory, Elsevier, vol. 8(3), pages 361-388, July.
  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. Johann K. Brunner & Susanne Pech, 2006. "Optimum Taxation of Life Annuities," CESifo Working Paper Series 1642, CESifo Group Munich.
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Citations

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Cited by:
  1. Pierre Pestieau & Grégory Ponthière, 2012. "The public economics of increasing longevity," PSE Working Papers halshs-00676492, HAL.
  2. Marc Fleurbaey & Marie-Louise Leroux & Grégory Ponthière, 2010. "Compensating the dead? Yes we can!," Working Papers halshs-00564934, HAL.
  3. Pierre Pestieau & Grégory Ponthiere, 2012. "On the Policy Implications of Changing Longevity," CESifo Working Paper Series 3926, CESifo Group Munich.
  4. Antoine Bommier, 2013. "Life-Cycle Preferences Revisited," Journal of the European Economic Association, European Economic Association, vol. 11(6), pages 1290-1319, December.
  5. G. Delprat & M.-L. Leroux & P.-C. Michaud, 2013. "Evidence on Individual Preferences for Longevity Risk," Cahiers de recherche 1304, CIRPEE.
  6. Pierre Pestieau & Grégory Ponthière, 2012. "The public economics of increasing longevity," Working Papers halshs-00676492, HAL.
  7. Marie-Louise Leroux & Grégory Ponthière, 2009. "Wives, husbands and wheelchairs: Optimal tax policy under gender-specific health," Working Papers halshs-00575059, HAL.
  8. LEROUX, Marie-Louise & PESTIEAU, Pierre & PONTHIERE, Grégory, . "Longevity, genes and efforts: an optimal taxation approach to prevention," CORE Discussion Papers RP -2309, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).

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