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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: E21 D11 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-dem, nep-dge and nep-mac
Date: 2013
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Related works:
Journal Article: Illiquid life annuities (2018) Downloads
Working Paper: Illiquid Life Annuities (2018)
Working Paper: Illiquid Life Annuities (2017)
Working Paper: Illiquid Life Annuities (2013) Downloads
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Persistent link: https://EconPapers.repec.org/RePEc:drm:wpaper:2013-30

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