Rare events and annuity market participation
نویسندگان
چکیده
منابع مشابه
Rare Events and Annuity Market Participation∗
We investigate whether a rare event (like the default of the annuity provider) can explain the annuity market participation puzzle. High risk aversion is needed to change behavior in the presence of such a disastrous shock but higher risk aversion also makes annuities more valuable. Therefore, these rare events are unlikely candidates to explain the low take-up of voluntary annuities. JEL Class...
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ژورنال
عنوان ژورنال: Finance Research Letters
سال: 2007
ISSN: 1544-6123
DOI: 10.1016/j.frl.2006.12.001