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Illiquid life annuities

Hippolyte d'Albis () and Johanna Etner

Journal of Public Economic Theory, 2018, vol. 20, issue 2, 277-297

Abstract: In this paper, we consider illiquid life annuity contracts and show that they may be preferred to those illustrated by Yaari. In an overlapping generations economy, liquid life annuities are demanded only if the equilibrium is dynamically inefficient. However, an equilibrium displaying a positive demand for illiquid life annuities is indeed efficient. In this latter case, the welfare at steady state is larger if illiquid life annuity contracts are available.

Date: 2018
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https://doi.org/10.1111/jpet.12253

Related works:
Working Paper: Illiquid Life Annuities (2018)
Working Paper: Illiquid Life Annuities (2017)
Working Paper: Illiquid Life Annuities (2013) Downloads
Working Paper: Illiquid Life Annuities (2013) Downloads
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Persistent link: https://EconPapers.repec.org/RePEc:bla:jpbect:v:20:y:2018:i:2:p:277-297

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