On the public economics of annuities with differential mortality
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.
(This abstract was borrowed from another version of this item.)
|Date of creation:||01 Apr 2009|
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- 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).
- Johann K. Brunner & Susanne Pech, 2005.
"Optimum Taxation of Life Annuities,"
Economics working papers
2005-06, Department of Economics, Johannes Kepler University Linz, Austria.
- Antoine Bommier, 2001.
"Uncertain lifetime and intertemporal choice : risk aversion as a rationale for time discounting,"
Research Unit Working Papers
0108, Laboratoire d'Economie Appliquee, INRA.
- 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.
- Kihlstrom, Richard E. & Mirman, Leonard J., 1974. "Risk aversion with many commodities," Journal of Economic Theory, Elsevier, vol. 8(3), pages 361-388, July.
- 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 265-281, April.
- Barro, Robert J. & Friedman, James W., 1977.
"On Uncertain Lifetimes,"
3451301, Harvard University Department of Economics.
- Antoine Bommier, 2008. "Rational Impatience ?," Working Papers hal-00441880, HAL.
- 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.
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