Illiquid Life Annuities
Hippolyte d’Albis and
Authors registered in the RePEc Author Service: Hippolyte d'Albis ()
No 2013-30, EconomiX Working Papers from University of Paris Nanterre, EconomiX
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
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Journal Article: Illiquid life annuities (2018)
Working Paper: Illiquid Life Annuities (2018)
Working Paper: Illiquid Life Annuities (2017)
Working Paper: Illiquid Life Annuities (2013)
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Persistent link: https://EconPapers.repec.org/RePEc:drm:wpaper:2013-30
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