Welfare effects of life annuities: Some clarifications
The present paper clarifies the intergenerational welfare effects of life annuities. While present young cohorts experience significant welfare gains, future generations are hurt by lower bequest. For sufficiently high interest rates long-run welfare will decrease although aggregate efficiency rises.
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- Kingston, Geoffrey & Piggott, John, 1999. "The Geometry of Life Annuities," Manchester School, University of Manchester, vol. 67(2), pages 187-91, March.
- Laurence J. Kotlikoff & Avia Spivak, 1979.
"The Family as an Incomplete Annuities Market,"
NBER Working Papers
0362, National Bureau of Economic Research, Inc.
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