Why do we postpone annuity purchases?

Hippolyte d'Albis and Andrei Kalk
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Andrei Kalk: Universität Wien = University of Vienna

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Abstract: This paper seeks to explain why annuity purchases are postponed to a later age. We consider an overlapping generations model with uncertain lifetime and two types of annuities. It is shown that, if the economy is dynamically inefficient, individuals demand annuities without delay. However, if it is efficient, annuity purchases are postponed. We also show that these results are robust to several extensions.

Keywords: Annuity purchases; Overlapping generations; Postvponement; Annuity pricing (search for similar items in EconPapers)
Date: 2021-08
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-03166724v1
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Published in Journal of Mathematical Economics, 2021, 95, ⟨10.1016/j.jmateco.2021.102500⟩

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Journal Article: Why do we postpone annuity purchases? (2021)
Working Paper: Why do we postpone annuity purchases? (2021)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-03166724

DOI: 10.1016/j.jmateco.2021.102500

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