Illiquid Life Annuities

Hippolyte d'Albis and Johanna Etner

Working Papers from HAL

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)
Date: 2013
Note: View the original document on HAL open archive server: https://hal.science/hal-04141183
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Related works:
Journal Article: Illiquid life annuities (2018)
Working Paper: Illiquid Life Annuities (2018)
Working Paper: Illiquid Life Annuities (2018)
Working Paper: Illiquid Life Annuities (2013)
Working Paper: Illiquid Life Annuities (2013)
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