Welfare effects of life annuities: Some clarifications

Hans Fehr () and Christian Habermann

Economics Letters, 2008, vol. 99, issue 1, 177-180

Abstract: The present paper clarifies the intergenerational welfare effects of life annuities. While present young cohorts experience significant welfare gains, future generations are hurt by lower bequest. For sufficiently high interest rates long-run welfare will decrease although aggregate efficiency rises.

Date: 2008
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