کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5069953 1373224 2007 10 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Rare events and annuity market participation
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Rare events and annuity market participation
چکیده انگلیسی
We investigate whether a rare event (like the default of the annuity provider) can explain the annuity market participation puzzle. High risk aversion is needed to change behavior in the presence of such a disastrous shock but higher risk aversion also makes annuities more valuable. Therefore, these rare events are unlikely candidates to explain the low take-up of voluntary annuities: the conclusion is robust to disentangling risk aversion from intertemporal substitution and to allowing portfolio investment in a stock market index.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Finance Research Letters - Volume 4, Issue 2, June 2007, Pages 82-91
نویسندگان
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