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On the Public Economics of Annuities with Differential Mortality

  • Bommier, Antoine
  • Leroux, Marie-Louise
  • Lozachmeur, Jean-Marie

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 successively in the context of full information and asymmetric information on mortality rates.

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File URL: http://www.tse-fr.eu/sites/default/files/medias/doc/wp/ipdm/wp_ipdm_21_2009.pdf
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Paper provided by Toulouse School of Economics (TSE) in its series TSE Working Papers with number 09-021.

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Date of creation: Mar 2009
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Handle: RePEc:tse:wpaper:22267
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  1. Johann K. Brunner & Susanne Pech, 2006. "Optimum Taxation of Life Annuities," CESifo Working Paper Series 1642, CESifo Group Munich.
  2. 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 265-81, April.
  3. Helmuth Cremer & Jean-Marie Lozachmeur & Pierre Pestieau, 2010. "Collective Annuities and Redistribution," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 12(1), pages 23-41, 02.
  4. 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.
  5. Kihlstrom, Richard E. & Mirman, Leonard J., 1974. "Risk aversion with many commodities," Journal of Economic Theory, Elsevier, vol. 8(3), pages 361-388, July.
  6. Barro, Robert J. & Friedman, James W., 1977. "On Uncertain Lifetimes," Scholarly Articles 3451301, Harvard University Department of Economics.
  7. 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.
  8. Antoine Bommier, 2008. "Rational Impatience ?," Working Papers hal-00441880, HAL.
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