Demand for private annuities and social security: consequences to individual wealth

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dc.contributor.author Sánchez Romero, Miguel
dc.contributor.other UAM. Departamento de Análisis Económico, Teoría Económica e Historia Económica es_ES
dc.date.accessioned 2015-04-24T17:18:20Z
dc.date.available 2015-04-24T17:18:20Z
dc.date.issued 2006
dc.identifier.issn 1885-6888
dc.identifier.uri http://hdl.handle.net/10486/665522 en
dc.description.abstract This paper focuses on comparing public and private individual wealth over the life-cycle, when individuals face an uncertain length of life. We also analyze how a fully funded and actuarially fair Social Security affects the desire to annuitize private wealth. Within this framework, we find that a social security system can contribute to reaching a higher national wealth, even when the economy is composed of selfish individuals. Thus, by means of some simulations we obtain the result that a payroll tax of 6 percent increases individual wealth up to 17 percent. This increment, however, is obtained under the assumption that insurance companies offer fair annuities. On the contrary, under an unfair private annuity market, individual wealth can decrease around 10 percent for the same payroll tax. en_US
dc.format.extent 26 pag.
dc.format.mimetype application/pdf en
dc.language.iso eng en
dc.publisher Universidad Autónoma de Madrid, Departamento de Análisis Económico, Teoría Económica e Historia Económica es_ES
dc.relation.ispartofseries Economic analysis working papers series. 7/2006 en_US
dc.subject.other Actuarially fair funded social security en_US
dc.subject.other Crowding out effect en_US
dc.subject.other Public and private wealth profiles en_US
dc.title Demand for private annuities and social security: consequences to individual wealth en_US
dc.type workingPaper en_US
dc.subject.eciencia Economía es_ES
dc.rights.accessRights openAccess en_US
dc.authorUAM Sánchez Romero, Miguel (260495)


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