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Illiquid Life Annuities

Johanna Etner and Hippolyte d'Albis ()

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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.

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Date: 2017
Note: View the original document on HAL open archive server: https://hal.archives-ouvertes.fr/hal-01668123
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Published in Journal of Public Economic Theory, Wiley, 2017, pp.1-21

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