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Illiquid Life Annuities

Hippolyte d’Albis and Johanna Etner
Authors registered in the RePEc Author Service: Hippolyte d'Albis

No 2013-30, EconomiX Working Papers from University of Paris Nanterre, EconomiX

Abstract: In this article, we consider illiquid life annuity contracts and show that they may be preferred to Yaari (1965)'s liquid contracts. In an overlapping-generation economy, liquid life annuities are demanded only if the equilibrium is dynamically inefficient. Alternatively, an equilibrium displaying a positive demand for illiquid life annuities is efficient. In this latter case, the welfare at steady-state is larger if illiquid life annuity contracts are available.

Keywords: annuity; overlapping generation model (search for similar items in EconPapers)
JEL-codes: D11 E21 (search for similar items in EconPapers)
Pages: 28 pages
Date: 2013
New Economics Papers: this item is included in nep-dem, nep-dge and nep-mac
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http://economix.fr/pdf/dt/2013/WP_EcoX_2013-30.pdf (application/pdf)

Related works:
Journal Article: Illiquid life annuities (2018) Downloads
Working Paper: Illiquid Life Annuities (2018)
Working Paper: Illiquid Life Annuities (2018)
Working Paper: Illiquid Life Annuities (2013) Downloads
Working Paper: Illiquid Life Annuities (2013) Downloads
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