Welfare gains and annuities demand
Author
Sánchez Romero, MiguelEntity
UAM. Departamento de Análisis Económico, Teoría Económica e Historia EconómicaPublisher
Universidad Autónoma de Madrid, Departamento de Análisis Económico, Teoría Económica e Historia EconómicaDate
2006-03-21Serie/Num.
Economic analysis working papers series. 2/2005ISSN
1885-6888Subjects
Annuities demand; Complete markets; Myopic-selfish behavior; Life-cycle model; EconomíaAbstract
This paper extends the annuity demand theory, giving new reasons for the small
annuities demand. Regarding this problem, Yaari (1965) claims, under the condition
that no one can die in debt, that a selfish consumer will fully annuitized her savings,
insofar as annuity asset yield dominate conventional assets yield. However, we
demonstrated mathematically that, in a standard life-cycle model, when borrowings
are unconstrained and financial markets are complete, a selfish consumer may prefer
not to annuitize her savings. In addition, we analyze the desire to purchase annuities
according to the risk aversion coefficient and wealth composition.
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