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Quelles perspectives de développement pour le marché des annuités?

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Author Info
Arnaud Van Bellingen
Abstract

La théorie de la demande d'annuités nous enseigne que les individus rationnels et sans volonté de laisser un héritage devraient investir une part majeure de leur capital en annuités. La réalité ne corrobore pas cette théorie : le marché est très restreint. Le développement de plus en plus marqué des plans de retraite à contributions définies, qui prévoient la disponibilité d’un capital en fin de période d’activité, devrait être corrélé avec un développement du marché annuitaire. Or, cela n’est pas le cas. Les explications traditionnellement avancées sont la sélection adverse, la volonté de transmettre un héritage, la concurrence d'actifs à hauts rendements, le rôle d'assurance de la famille et la volonté de garder des réserves de précaution en actifs classiques. L'hypothèse de l'irrationalité des choix est une voie intéressante et encore peu explorée. Si la cause résidait dans les règles propres de fonctionnement du marché annuitaire libre et non dans le choix de stratégies d'assurances alternatives, un déficit d'assurance longévité apparaîtrait et un développement accentué du marché annuitaire obligatoire serait une réponse éventuelle.

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Paper provided by Centre de Recherche en Economie Publique et de la Population (CREPP) (Research Center on Public and Population Economics) HEC-Management School, University of Liège in its series CREPP Working Papers with number 0701.

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Date of creation: 2007
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Handle: RePEc:rpp:wpaper:0701

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  1. Alan J. Auerbach & Laurence J. Kotlikoff & David N. Weil, 1992. "The Increasing Annuitization of the Elderly- Estimates and Implications for Intergenerational Tranfers, Inequality, and National Saving," NBER Working Papers 4182, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  2. James M. Poterba, 2001. "Annuity markets and retirement security," Fiscal Studies, Institute for Fiscal Studies, vol. 22(3), pages 249-270., September. [Downloadable!]
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  3. Eckstein, Zvi & Eichenbaum, Martin & Peled, Dan, 1985. "Uncertain lifetimes and the welfare enhancing properties of annuity markets and social security," Journal of Public Economics, Elsevier, vol. 26(3), pages 303-326, April. [Downloadable!] (restricted)
  4. Abel, Andrew B, 1986. "Capital Accumulation and Uncertain Lifetimes with Adverse Selection," Econometrica, Econometric Society, vol. 54(5), pages 1079-97, September. [Downloadable!] (restricted)
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  5. Palumbo, Michael G, 1999. "Uncertain Medical Expenses and Precautionary Saving Near the End of the Life Cycle," Review of Economic Studies, Blackwell Publishing, vol. 66(2), pages 395-421, April. [Downloadable!] (restricted)
  6. Hurd, Michael D, 1989. "Mortality Risk and Bequests," Econometrica, Econometric Society, vol. 57(4), pages 779-813, July. [Downloadable!] (restricted)
  7. Amy Finkelstein & James Poterba, 2002. "Selection Effects in the United Kingdom Individual Annuities Market," Economic Journal, Royal Economic Society, vol. 112(476), pages 28-50, January. [Downloadable!] (restricted)
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