Deferred annuities with gender-neutral pricing: Benefitting most women without adversely affecting too many men

Sau-Him Paul Lau and Yinan Ying

Journal of Economic Dynamics and Control, 2024, vol. 168, issue C

Abstract: Many countries emphasize gender equality and ban gender-based annuity pricing, leading to more heterogeneous health characteristics and market inefficiency. Governments may respond by offering deferred annuities when annuitants' health characteristics are more similar at an earlier age. The two combined policies benefit most female annuitants without adversely affecting too many male annuitants, contrasting to the well-known result that imposing gender-neutral pricing benefits all women but adversely affects all men, when only immediate annuities are available. Within each gender group, these two policy interventions benefit annuitants with average health, but may adversely affect those on either end.

Keywords: Heterogeneous health; Asymmetric information; Gender-neutral pricing; Immediate annuity; Deferred annuity (search for similar items in EconPapers)
JEL-codes: D80 G52 J16 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:dyncon:v:168:y:2024:i:c:s0165188924001398

DOI: 10.1016/j.jedc.2024.104947

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