Annuity markets:
Saved in:
| Main Authors: | , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Oxford [u.a.]
Oxford Univ. Press
2008
|
| Edition: | 1. publ. |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Item Description: | Literaturverz. S. 268 - 281 |
| Physical Description: | XIX, 295 S. graph. Darst. |
| ISBN: | 9780199216994 |
Staff View
MARC
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Record in the Search Index
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|---|---|
| adam_text | Contents
List of Figures
xiv
List of Tables
xviii
1.
Introduction and the context of annuity markets
1
1.1.
Context of annuities within pensions policy
2
1.2.
Structure of the book
16
2.
Description of annuity markets
19
2.1.
Types of annuities
19
2.2.
Data on annuity rates
27
2.2.1.
Purchased life annuities (voluntary)
28
2.2.2.
Compulsory purchase annuities market
35
3.
A short history of annuities
43
3.1.
Annuities from Classical Times up to the Middle Ages
43
3.2.
Annuities in the period of developing financial
markets
46
3.3.
Annuities and UK pension provision since
1945 53
3.4.
Recent developments in UK financial markets
64
4.
Modelling life expectancy
70
4.1.
Definitions, concepts, and actuarial notation
70
4.2.
Mortality data in the UK
76
4.3.
Patterns of mortality
82
4.4.
Projecting mortality in the future
86
5.
Annuity markets around the world
95
5.1.
Australia
98
5.2.
Chile
100
5.3.
Germany
106
5.4.
Italy
107
5.5.
Singapore
109
5.6.
Sweden 111
X!
Contents
5.7.
Switzerland
112
5.8. United States
of
America 115
6.
Money s worth calculations
117
6.1.
Evidence on money s worth of UK annuities
118
6.2.
Evidence on money s worth in the UK s compulsory
annuities market
122
6.3.
Evidence on international money s worth
131
7.
Annuity demand theory
140
7.1.
A simple model of annuity demand
141
7.2.
Annuitization and purchasing annuities
148
7.3.
Expected-utility maximization
150
7.4.
Risk aversion and the form of risk
157
7.5.
Exotic utility functions
161
7.6.
Solving expected utility models
165
7.7.
Numerical simulations
170
8.
Reasons for the annuity puzzle
180
8.1.
Social welfare payments and pre-annuitized wealth
181
8.2.
Investing in alternative assets or deferring
annuitization
184
8.3.
The pattern of expenditure in retirement
189
8.4.
Theory of adverse selection in annuity markets
192
8.4.1.
The Eckstein-Eichenbaum-Peled approach
193
8.4.2.
The adverse selection models of Abel and
Walliser 196
8.5.
Behavioural factors
200
8.5.1.
Cumulative prospect theory and loss
aversion
201
8.5.2.
Framing effects
204
8.5.3.
Poor financial education
206
9.
Evidence on the workings of annuity markets
210
9.1.
Evidence on selection effects
210
9.2.
Evidence on the demand for annuities
219
10.
Supply of annuities
226
10.1.
Market shares of annuity business in the UK
228
10.2.
Regulation of annuity providers
234
10.2.1. EU
regulations and Solvency
2 234
10.2.2.
UK annuity regulation
235
10.3.
Managing interest rate risk and bond markets
241
xii
Contents
10.4.
Managing
longevity risk
246
10.4.1.
Longevity bonds
248
10.4.2.
Reinsurance and securitization
249
10.4.3.
Example of mortality securitization
252
10.4.4.
Mortality swaps
256
11.
Conclusions
259
Glossary
266
Bibliography
268
Index
282
XIII
|
| adam_txt |
Contents
List of Figures
xiv
List of Tables
xviii
1.
Introduction and the context of annuity markets
1
1.1.
Context of annuities within pensions policy
2
1.2.
Structure of the book
16
2.
Description of annuity markets
19
2.1.
Types of annuities
19
2.2.
Data on annuity rates
27
2.2.1.
Purchased life annuities (voluntary)
28
2.2.2.
Compulsory purchase annuities market
35
3.
A short history of annuities
43
3.1.
Annuities from Classical Times up to the Middle Ages
43
3.2.
Annuities in the period of developing financial
markets
46
3.3.
Annuities and UK pension provision since
1945 53
3.4.
Recent developments in UK financial markets
64
4.
Modelling life expectancy
70
4.1.
Definitions, concepts, and actuarial notation
70
4.2.
Mortality data in the UK
76
4.3.
Patterns of mortality
82
4.4.
Projecting mortality in the future
86
5.
Annuity markets around the world
95
5.1.
Australia
98
5.2.
Chile
100
5.3.
Germany
106
5.4.
Italy
107
5.5.
Singapore
109
5.6.
Sweden 111
X!
Contents
5.7.
Switzerland
112
5.8. United States
of
America 115
6.
Money's worth calculations
117
6.1.
Evidence on money's worth of UK annuities
118
6.2.
Evidence on money's worth in the UK's compulsory
annuities market
122
6.3.
Evidence on international money's worth
131
7.
Annuity demand theory
140
7.1.
A simple model of annuity demand
141
7.2.
Annuitization and purchasing annuities
148
7.3.
Expected-utility maximization
150
7.4.
Risk aversion and the form of risk
157
7.5.
Exotic utility functions
161
7.6.
Solving expected utility models
165
7.7.
Numerical simulations
170
8.
Reasons for the annuity puzzle
180
8.1.
Social welfare payments and pre-annuitized wealth
181
8.2.
Investing in alternative assets or deferring
annuitization
184
8.3.
The pattern of expenditure in retirement
189
8.4.
Theory of adverse selection in annuity markets
192
8.4.1.
The Eckstein-Eichenbaum-Peled approach
193
8.4.2.
The adverse selection models of Abel and
Walliser 196
8.5.
Behavioural factors
200
8.5.1.
Cumulative prospect theory and loss
aversion
201
8.5.2.
Framing effects
204
8.5.3.
Poor financial education
206
9.
Evidence on the workings of annuity markets
210
9.1.
Evidence on selection effects
210
9.2.
Evidence on the demand for annuities
219
10.
Supply of annuities
226
10.1.
Market shares of annuity business in the UK
228
10.2.
Regulation of annuity providers
234
10.2.1. EU
regulations and Solvency
2 234
10.2.2.
UK annuity regulation
235
10.3.
Managing interest rate risk and bond markets
241
xii
Contents
10.4.
Managing
longevity risk
246
10.4.1.
Longevity bonds
248
10.4.2.
Reinsurance and securitization
249
10.4.3.
Example of mortality securitization
252
10.4.4.
Mortality swaps
256
11.
Conclusions
259
Glossary
266
Bibliography
268
Index
282
XIII |
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| illustrated | Illustrated |
| index_date | 2024-07-02T18:07:49Z |
| indexdate | 2024-07-09T20:59:41Z |
| institution | BVB |
| isbn | 9780199216994 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-015741078 |
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| physical | XIX, 295 S. graph. Darst. |
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| spelling | Cannon, Edmund Verfasser aut Annuity markets Edmund Cannon and Ian Tonks 1. publ. Oxford [u.a.] Oxford Univ. Press 2008 XIX, 295 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Literaturverz. S. 268 - 281 Annuities Markt (DE-588)4037621-7 gnd rswk-swf Rentenfinanzierung (DE-588)4122330-5 gnd rswk-swf Altersversorgung (DE-588)4001479-4 gnd rswk-swf Rentenfinanzierung (DE-588)4122330-5 s Altersversorgung (DE-588)4001479-4 s Markt (DE-588)4037621-7 s b DE-604 Tonks, Ian Verfasser (DE-588)133346595 aut Digitalisierung UB Regensburg application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=015741078&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Cannon, Edmund Tonks, Ian Annuity markets Annuities Markt (DE-588)4037621-7 gnd Rentenfinanzierung (DE-588)4122330-5 gnd Altersversorgung (DE-588)4001479-4 gnd |
| subject_GND | (DE-588)4037621-7 (DE-588)4122330-5 (DE-588)4001479-4 |
| title | Annuity markets |
| title_auth | Annuity markets |
| title_exact_search | Annuity markets |
| title_exact_search_txtP | Annuity markets |
| title_full | Annuity markets Edmund Cannon and Ian Tonks |
| title_fullStr | Annuity markets Edmund Cannon and Ian Tonks |
| title_full_unstemmed | Annuity markets Edmund Cannon and Ian Tonks |
| title_short | Annuity markets |
| title_sort | annuity markets |
| topic | Annuities Markt (DE-588)4037621-7 gnd Rentenfinanzierung (DE-588)4122330-5 gnd Altersversorgung (DE-588)4001479-4 gnd |
| topic_facet | Annuities Markt Rentenfinanzierung Altersversorgung |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=015741078&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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