(UBS Pensions Series 039) Rare Events and Annuity Market Participation
AbstractWe investigate whether a rare event (like the default of the annuity provider) can explain the annuity market participation puzzle. High risk aversion is needed to change behavior in the presence of such a disastrous shock but higher risk aversion also makes annuities more valuable. Therefore, these rare events are unlikely candidates to explain the low take-up of voluntary annuities.
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Bibliographic InfoPaper provided by Financial Markets Group in its series FMG Discussion Papers with number dp553.
Date of creation: Dec 2005
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Web page: http://www.lse.ac.uk/fmg/
This paper has been announced in the following NEP Reports:
- NEP-ALL-2005-12-14 (All new papers)
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