a contract in which a person pays a lump-sum premium to an insurance company and in return receives periodic payments, usually yearly, often beginning on...
This paper evaluates the extent of adverse selection in life insurance and annuities in international markets, for both group and individual products. The results help assess the extent to which life insurers can hedge mortality exposure by writing both life insurance and annuities, and they may be used to determine...
This paper examines the distributional implications of mandatory longevity insurance when there is mortality heterogeneity in the population. It embeds that analysis into a life cycle framework that allows for an examination of distributional effects on a utility-adjusted basis. It finds that the degree of redistribution that occurs from the...
This paper examines the risk aspects of an investment-based defined contribution Social Security plan. It focuses on the risk after the plan is fully phased in. Individuals deposit a fraction of wages to a Personal Retirement Account PRA, invest these funds in a 60:40 equity-debt mix, and in a similarly...
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