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Optimum and Risk-Class Pricing of Annuities

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  • Eytan Sheshinski

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Abstract

When information on longevity (survival functions) is unknown early in life, individuals have an interest to insure themselves against future ’risk-class’ classification. Accordingly, the First-Best typically involves transfers across states of nature. Competitive equilibrium cannot provide such transfers if insurance firms are unable to precommit their customers. On the other hand, public insurance plans that do not distinguish between ’risk-class’ realizations are also inefficient. It is impossible, a-priori, to rank these alternatives from a welfare point of view.

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Bibliographic Info

Paper provided by The Center for the Study of Rationality, Hebrew University, Jerusalem in its series Discussion Paper Series with number dp327.

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Length: 16 pages
Date of creation: Apr 2001
Date of revision:
Handle: RePEc:huj:dispap:dp327

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Keywords: longevity; survival functions; risk-class; transfers; retirement;

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Cited by:
  1. Steinorth, Petra, 2012. "The demand for enhanced annuities," Journal of Public Economics, Elsevier, vol. 96(11), pages 973-980.
  2. Wenan Fei & Claude Fluet & Harris Schlesinger, 2007. "Uncertain Bequest Needs and Long-Term Insurance Contracts," Cahiers de recherche 0742, CIRPEE.
  3. Thomas Post, 2009. "Individual Welfare Gains from Deferred Life-Annuities under Stochastic Lee-Carter Mortality," SFB 649 Discussion Papers SFB649DP2009-022, Sonderforschungsbereich 649, Humboldt University, Berlin, Germany.

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