지원사업
학술연구/단체지원/교육 등 연구자 활동을 지속하도록 DBpia가 지원하고 있어요.
커뮤니티
연구자들이 자신의 연구와 전문성을 널리 알리고, 새로운 협력의 기회를 만들 수 있는 네트워킹 공간이에요.
초록· 키워드
오류제보하기
This paper proposes a theory that has the potential to explain the annuity puzzle,i.e., the low demand for annuities in the U.S. and other countries. Specifically, this paper finds that the lack of liquidity of annuities, combined with adverse health shocks, can account for the low demand for annuities. Annuities are less attractive because the elderly find it hard to sell back annuities in case of large medical expenses due to serious health problems. In relation to this, the paper examines the role of the value of life, an intrinsic value attached to a life itself, in the annuity puzzle. If it means a lot to be alive, people would spend more on medical care and hence could demand annuities less. In a series of quantitative analyses,however, I find that the value of life does not reduce the annuity demand much,because more medical care motivated by the value of life can increase the life expectancy, which in turn can raise the annuity demand by increasing the expected payoffs of annuities.
목차
등록된 정보가 없습니다.
참고문헌 (22)
참고문헌 신청
Arias, E. / 2008 / U.S. Decennial Life Tables for 1999-2001, United States Life Tables / National Vital Statistics Report 57 (1)
Ashenfelter, O / 2006 / Measuring the Value of a Statistical Life: Problems and Prospects / Economic Journal 116 : C10 ~ C23
Brenner, H. / 2002 / Long-Term Survival Rates of Cancer Patients Achieved by the End of the 20th Century: a Period Analysis / Lancet 360 : 1131 ~ 1135
Brown, J. R / 2000 / Joint Life Annuities and Annuity Demand by Married Couples / Journal of Risk and Insurance 67 (4) : 527 ~ 553
Brown, J. R. / 2007 / Rational and Behavioral Perspectives on the Role of Annuities in Retirement Planning
Ashenfelter, O / 2006 / Measuring the Value of a Statistical Life: Problems and Prospects / Economic Journal 116 : C10 ~ C23
Brenner, H. / 2002 / Long-Term Survival Rates of Cancer Patients Achieved by the End of the 20th Century: a Period Analysis / Lancet 360 : 1131 ~ 1135
Brown, J. R / 2000 / Joint Life Annuities and Annuity Demand by Married Couples / Journal of Risk and Insurance 67 (4) : 527 ~ 553
Brown, J. R. / 2007 / Rational and Behavioral Perspectives on the Role of Annuities in Retirement Planning
이 논문의 저자 정보
최근 본 자료
댓글(0)
0