The implication of the hyperbolic discount model for the annuitisation decisions

被引：2

作者：

Chen, Anran ^{[1
]}

Haberman, Steven ^{[1
]}

Thomas, Stephen ^{[2
]}

机构：

[1] City Univ London, Fac Actuarial Sci & Insurance, Cass Business Sch, 106 Bunhill Row, London EC1Y 8TZ, England

[2] City Univ London, Cass Business Sch, Fac Finance, 106 Bunhill Row, London EC1Y 8TZ, England

来源：

JOURNAL OF PENSION ECONOMICS & FINANCE | 2020年 / 19卷 / 03期

关键词：

Annuity puzzle; deferred annuities; hyperbolic discounting; reservation price; LIFE-CYCLE; ANNUITIES; CONSUMPTION; INSURANCE; DEMAND;

D O I：

10.1017/S1474747218000343

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

The low demand for immediate annuities at retirement has been a long-standing puzzle. We show that a hyperbolic discount model can explain this behaviour and results in the attractiveness of long-term deferred annuities. With a set of benchmark assumptions, we find that retirees would be willing to pay a much higher price than the actuarial fair price for annuities with longer deferred periods. Moreover, if governments were to introduce a pre-commitment device which requires pensioners to make annuitisation decisions around 10 years before retirement, the take up rate of annuities could become higher.

引用

页码：372 / 391

页数：20

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