The economic theory of annuities:
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Princeton [u.a.]
Princeton Univ. Press
2008
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XV, 163 S. graph. Darst. |
| ISBN: | 9780691133058 |
Internformat
MARC
| LEADER | 00000nam a2200000 c 4500 | ||
|---|---|---|---|
| 001 | BV022538403 | ||
| 003 | DE-604 | ||
| 005 | 20101025 | ||
| 007 | t | ||
| 008 | 070801s2008 d||| |||| 00||| eng d | ||
| 020 | |a 9780691133058 |c cl |9 978-0-691-13305-8 | ||
| 035 | |a (OCoLC)154694696 | ||
| 035 | |a (DE-599)BVBBV022538403 | ||
| 040 | |a DE-604 |b ger |e rakwb | ||
| 041 | 0 | |a eng | |
| 049 | |a DE-473 |a DE-384 |a DE-20 |a DE-11 | ||
| 050 | 0 | |a HG8790 | |
| 082 | 0 | |a 368.37 |2 22 | |
| 084 | |a QQ 640 |0 (DE-625)141991: |2 rvk | ||
| 100 | 1 | |a Sheshinsḳi, Etan |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a The economic theory of annuities |c Eytan Sheshinski |
| 264 | 1 | |a Princeton [u.a.] |b Princeton Univ. Press |c 2008 | |
| 300 | |a XV, 163 S. |b graph. Darst. | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 650 | 4 | |a Annuités | |
| 650 | 4 | |a Annuities | |
| 650 | 0 | 7 | |a Versicherungsbetriebslehre |0 (DE-588)4078850-7 |2 gnd |9 rswk-swf |
| 650 | 0 | 7 | |a Rentenversicherung |0 (DE-588)4049507-3 |2 gnd |9 rswk-swf |
| 689 | 0 | 0 | |a Versicherungsbetriebslehre |0 (DE-588)4078850-7 |D s |
| 689 | 0 | 1 | |a Rentenversicherung |0 (DE-588)4049507-3 |D s |
| 689 | 0 | |5 DE-604 | |
| 856 | 4 | 2 | |m HBZ Datenaustausch |q application/pdf |u http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=015744890&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |3 Inhaltsverzeichnis |
| 999 | |a oai:aleph.bib-bvb.de:BVB01-015744890 | ||
Datensatz im Suchindex
| _version_ | 1804136650755801088 |
|---|---|
| adam_text | Contents
Preface xiii
Chapter 1
Introduction 1
1.1 Brief Outline of the Book 5
1.2 Short History of Annuity Markets 9
1.3 References to Actuarial Finance 11
Chapter 2
Benchmark Calculations: Savings and Retirement 12
Chapter 3
Survival Functions, Stochastic Dominance, and Changes in
Longevity 15
3.1 Survival Functions 15
3.2 Changes in Longevity 18
Chapter 4
Life Cycle Model with Longevity Risk: First Best and
Competitive Equilibrium 21
4.1 First Best 21
4.2 Competitive Equilibrium: Full Annuitization 23
4.3 Example: Exponential Survival Function 25
4.4 Equivalence of Short term, Long term, and Deferred
Annuities 26
Appendix 27
Chapter 5
Comparative Statics, Discounting, Partial Annuitization, and
No Annuities 29
5.1 Increase in Wages 29
5.2 Increase in Longevity 30
5.3 Positive Time Preference and Rate of Interest 32
5.4 Partial Annuitization: No Short term Annuity Market 33
5.5 Partial Annuitization: Low Returns on Annuities 35
5.6 Length of Life and Retirement 35
5.7 Optimum Without Annuities 38
5.8 No Annuities: Risk Pooling by Couples 40
x • Contents
5.9 Welfare Value of an Annuity Market 41
5.10 Example: Exponential Survival Function 42
Appendix 44
Chapter 6
Subjective Beliefs and Survival Probabilities 45
6.1 Deviations of Subjective from Observed Frequencies 45
6.2 Behavioral Effects 45
6.3 Exponential Example 47
6.4 Present and Future Selves 48
Chapter 7
Moral Hazard 51
7.1 Introduction 51
7.2 Comparison of First Best and Competitive Equilibrium 51
7.3 Annuity Prices Depending on Medical Care 54
Appendix 55
Chapter 8
Uncertain Future Survival Functions 56
8.1 First Best 56
8.2 Competitive Separating Equilibrium (Risk class
Pricing) 59
8.3 Equilibrium with Short term Annuities 60
8.4 The Efficiency of Equilibrium with Long term
Annuities 62
8.5 Example: Exponential Survival Functions 65
Chapter 9
Pooling Equilibrium and Adverse Selection 67
9.1 Introduction 67
9.2 General Model 69
9.3 Example 71
Appendix 75
Chapter 10
Income Uncertainty 77
10.1 First Best 77
10.2 Competitive Equilibrium 78
10.3 Moral Hazard 79
Chapter 11
Life Insurance and Differentiated Annuities 81
11.1 Bequests and Annuities 81
11.2 First Best 83
Contents • xi
11.3 Separating Equilibrium 84
11.4 Pooling Equilibrium 84
11.5 Period certain Annuities and Life Insurance 87
11.6 Mixed Pooling Equilibrium 90
11.7 Summary 93
Appendix 94
Chapter 12
Annuities, Longevity, and Aggregate Savings 97
12.1 Changes in Longevity and Aggregate Savings 97
12.2 Longevity and Individual Savings 98
12.3 Longevity and Aggregate Savings 98
12.4 Example: Exponential Survival Function 102
12.5 No Annuities 103
12.6 Unintended Bequests 104
Appendix 106
Chapter 13
Utilitarian Pricing of Annuities 109
13.1 First best Allocation 109
13.2 Competitive Annuity Market with Full Information 112
13.3 Second best Optimum Pricing of Annuities 113
Appendix 116
Chapter 14
Optimum Taxation in Pooling Equilibria 118
14.1 Introduction 118
14.2 Equilibrium with Asymmetric Information 119
14.3 Optimum Commodity Taxation 122
14.4 Optimum Taxation of Annuities 125
Appendix 129
Chapter 15
Bundling of Annuities and Other Insurance Products 131
15.1 Introduction 131
15.2 Example 132
Chapter 16
Financial Innovation—Refundable Annuities (Annuity
Options) 135
16.1 The Timing of Annuity Purchases 135
16.2 Sequential Annuity Market Equilibrium Under Survival
Uncertainty 137
xii • Contents
16.3 Uncertain Future Incomes: Existence of a Separating
Equilibrium 140
16.4 Refundable Annuities 144
16.5 A Portfolio of Refundable Annuities 146
16.6 Equivalence of Refundable Annuities and Annuity
Options 147
Appendix 150
References 153
Index 157
|
| adam_txt |
Contents
Preface xiii
Chapter 1
Introduction 1
1.1 Brief Outline of the Book 5
1.2 Short History of Annuity Markets 9
1.3 References to Actuarial Finance 11
Chapter 2
Benchmark Calculations: Savings and Retirement 12
Chapter 3
Survival Functions, Stochastic Dominance, and Changes in
Longevity 15
3.1 Survival Functions 15
3.2 Changes in Longevity 18
Chapter 4
Life Cycle Model with Longevity Risk: First Best and
Competitive Equilibrium 21
4.1 First Best 21
4.2 Competitive Equilibrium: Full Annuitization 23
4.3 Example: Exponential Survival Function 25
4.4 Equivalence of Short term, Long term, and Deferred
Annuities 26
Appendix 27
Chapter 5
Comparative Statics, Discounting, Partial Annuitization, and
No Annuities 29
5.1 Increase in Wages 29
5.2 Increase in Longevity 30
5.3 Positive Time Preference and Rate of Interest 32
5.4 Partial Annuitization: No Short term Annuity Market 33
5.5 Partial Annuitization: Low Returns on Annuities 35
5.6 Length of Life and Retirement 35
5.7 Optimum Without Annuities 38
5.8 No Annuities: Risk Pooling by Couples 40
x • Contents
5.9 Welfare Value of an Annuity Market 41
5.10 Example: Exponential Survival Function 42
Appendix 44
Chapter 6
Subjective Beliefs and Survival Probabilities 45
6.1 Deviations of Subjective from Observed Frequencies 45
6.2 Behavioral Effects 45
6.3 Exponential Example 47
6.4 Present and Future Selves 48
Chapter 7
Moral Hazard 51
7.1 Introduction 51
7.2 Comparison of First Best and Competitive Equilibrium 51
7.3 Annuity Prices Depending on Medical Care 54
Appendix 55
Chapter 8
Uncertain Future Survival Functions 56
8.1 First Best 56
8.2 Competitive Separating Equilibrium (Risk class
Pricing) 59
8.3 Equilibrium with Short term Annuities 60
8.4 The Efficiency of Equilibrium with Long term
Annuities 62
8.5 Example: Exponential Survival Functions 65
Chapter 9
Pooling Equilibrium and Adverse Selection 67
9.1 Introduction 67
9.2 General Model 69
9.3 Example 71
Appendix 75
Chapter 10
Income Uncertainty 77
10.1 First Best 77
10.2 Competitive Equilibrium 78
10.3 Moral Hazard 79
Chapter 11
Life Insurance and Differentiated Annuities 81
11.1 Bequests and Annuities 81
11.2 First Best 83
Contents • xi
11.3 Separating Equilibrium 84
11.4 Pooling Equilibrium 84
11.5 Period certain Annuities and Life Insurance 87
11.6 Mixed Pooling Equilibrium 90
11.7 Summary 93
Appendix 94
Chapter 12
Annuities, Longevity, and Aggregate Savings 97
12.1 Changes in Longevity and Aggregate Savings 97
12.2 Longevity and Individual Savings 98
12.3 Longevity and Aggregate Savings 98
12.4 Example: Exponential Survival Function 102
12.5 No Annuities 103
12.6 Unintended Bequests 104
Appendix 106
Chapter 13
Utilitarian Pricing of Annuities 109
13.1 First best Allocation 109
13.2 Competitive Annuity Market with Full Information 112
13.3 Second best Optimum Pricing of Annuities 113
Appendix 116
Chapter 14
Optimum Taxation in Pooling Equilibria 118
14.1 Introduction 118
14.2 Equilibrium with Asymmetric Information 119
14.3 Optimum Commodity Taxation 122
14.4 Optimum Taxation of Annuities 125
Appendix 129
Chapter 15
Bundling of Annuities and Other Insurance Products 131
15.1 Introduction 131
15.2 Example 132
Chapter 16
Financial Innovation—Refundable Annuities (Annuity
Options) 135
16.1 The Timing of Annuity Purchases 135
16.2 Sequential Annuity Market Equilibrium Under Survival
Uncertainty 137
xii • Contents
16.3 Uncertain Future Incomes: Existence of a Separating
Equilibrium 140
16.4 Refundable Annuities 144
16.5 A Portfolio of Refundable Annuities 146
16.6 Equivalence of Refundable Annuities and Annuity
Options 147
Appendix 150
References 153
Index 157 |
| any_adam_object | 1 |
| any_adam_object_boolean | 1 |
| author | Sheshinsḳi, Etan |
| author_facet | Sheshinsḳi, Etan |
| author_role | aut |
| author_sort | Sheshinsḳi, Etan |
| author_variant | e s es |
| building | Verbundindex |
| bvnumber | BV022538403 |
| callnumber-first | H - Social Science |
| callnumber-label | HG8790 |
| callnumber-raw | HG8790 |
| callnumber-search | HG8790 |
| callnumber-sort | HG 48790 |
| callnumber-subject | HG - Finance |
| classification_rvk | QQ 640 |
| ctrlnum | (OCoLC)154694696 (DE-599)BVBBV022538403 |
| dewey-full | 368.37 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 368 - Insurance |
| dewey-raw | 368.37 |
| dewey-search | 368.37 |
| dewey-sort | 3368.37 |
| dewey-tens | 360 - Social problems and services; associations |
| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
| format | Book |
| fullrecord | <?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>01443nam a2200385 c 4500</leader><controlfield tag="001">BV022538403</controlfield><controlfield tag="003">DE-604</controlfield><controlfield tag="005">20101025 </controlfield><controlfield tag="007">t</controlfield><controlfield tag="008">070801s2008 d||| |||| 00||| eng d</controlfield><datafield tag="020" ind1=" " ind2=" "><subfield code="a">9780691133058</subfield><subfield code="c">cl</subfield><subfield code="9">978-0-691-13305-8</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(OCoLC)154694696</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)BVBBV022538403</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-604</subfield><subfield code="b">ger</subfield><subfield code="e">rakwb</subfield></datafield><datafield tag="041" ind1="0" ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-473</subfield><subfield code="a">DE-384</subfield><subfield code="a">DE-20</subfield><subfield code="a">DE-11</subfield></datafield><datafield tag="050" ind1=" " ind2="0"><subfield code="a">HG8790</subfield></datafield><datafield tag="082" ind1="0" ind2=" "><subfield code="a">368.37</subfield><subfield code="2">22</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">QQ 640</subfield><subfield code="0">(DE-625)141991:</subfield><subfield code="2">rvk</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Sheshinsḳi, Etan</subfield><subfield code="e">Verfasser</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">The economic theory of annuities</subfield><subfield code="c">Eytan Sheshinski</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">Princeton [u.a.]</subfield><subfield code="b">Princeton Univ. Press</subfield><subfield code="c">2008</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">XV, 163 S.</subfield><subfield code="b">graph. Darst.</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="b">n</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="b">nc</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Annuités</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Annuities</subfield></datafield><datafield tag="650" ind1="0" ind2="7"><subfield code="a">Versicherungsbetriebslehre</subfield><subfield code="0">(DE-588)4078850-7</subfield><subfield code="2">gnd</subfield><subfield code="9">rswk-swf</subfield></datafield><datafield tag="650" ind1="0" ind2="7"><subfield code="a">Rentenversicherung</subfield><subfield code="0">(DE-588)4049507-3</subfield><subfield code="2">gnd</subfield><subfield code="9">rswk-swf</subfield></datafield><datafield tag="689" ind1="0" ind2="0"><subfield code="a">Versicherungsbetriebslehre</subfield><subfield code="0">(DE-588)4078850-7</subfield><subfield code="D">s</subfield></datafield><datafield tag="689" ind1="0" ind2="1"><subfield code="a">Rentenversicherung</subfield><subfield code="0">(DE-588)4049507-3</subfield><subfield code="D">s</subfield></datafield><datafield tag="689" ind1="0" ind2=" "><subfield code="5">DE-604</subfield></datafield><datafield tag="856" ind1="4" ind2="2"><subfield code="m">HBZ Datenaustausch</subfield><subfield code="q">application/pdf</subfield><subfield code="u">http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=015744890&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA</subfield><subfield code="3">Inhaltsverzeichnis</subfield></datafield><datafield tag="999" ind1=" " ind2=" "><subfield code="a">oai:aleph.bib-bvb.de:BVB01-015744890</subfield></datafield></record></collection> |
| id | DE-604.BV022538403 |
| illustrated | Illustrated |
| index_date | 2024-07-02T18:09:20Z |
| indexdate | 2024-07-09T20:59:47Z |
| institution | BVB |
| isbn | 9780691133058 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-015744890 |
| oclc_num | 154694696 |
| open_access_boolean | |
| owner | DE-473 DE-BY-UBG DE-384 DE-20 DE-11 |
| owner_facet | DE-473 DE-BY-UBG DE-384 DE-20 DE-11 |
| physical | XV, 163 S. graph. Darst. |
| publishDate | 2008 |
| publishDateSearch | 2008 |
| publishDateSort | 2008 |
| publisher | Princeton Univ. Press |
| record_format | marc |
| spelling | Sheshinsḳi, Etan Verfasser aut The economic theory of annuities Eytan Sheshinski Princeton [u.a.] Princeton Univ. Press 2008 XV, 163 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Annuités Annuities Versicherungsbetriebslehre (DE-588)4078850-7 gnd rswk-swf Rentenversicherung (DE-588)4049507-3 gnd rswk-swf Versicherungsbetriebslehre (DE-588)4078850-7 s Rentenversicherung (DE-588)4049507-3 s DE-604 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=015744890&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Sheshinsḳi, Etan The economic theory of annuities Annuités Annuities Versicherungsbetriebslehre (DE-588)4078850-7 gnd Rentenversicherung (DE-588)4049507-3 gnd |
| subject_GND | (DE-588)4078850-7 (DE-588)4049507-3 |
| title | The economic theory of annuities |
| title_auth | The economic theory of annuities |
| title_exact_search | The economic theory of annuities |
| title_exact_search_txtP | The economic theory of annuities |
| title_full | The economic theory of annuities Eytan Sheshinski |
| title_fullStr | The economic theory of annuities Eytan Sheshinski |
| title_full_unstemmed | The economic theory of annuities Eytan Sheshinski |
| title_short | The economic theory of annuities |
| title_sort | the economic theory of annuities |
| topic | Annuités Annuities Versicherungsbetriebslehre (DE-588)4078850-7 gnd Rentenversicherung (DE-588)4049507-3 gnd |
| topic_facet | Annuités Annuities Versicherungsbetriebslehre Rentenversicherung |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=015744890&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT sheshinskietan theeconomictheoryofannuities |