Cohort mortality risk or adverse selection in annuity markets?

被引：6

作者：

Cannon, Edmund ^{[1
]}

Tonks, Ian ^{[2
]}

机构：

[1] Univ Bristol, Sch Econ Finance & Management, Priory Rd Complex,Priory Rd, Bristol BS8 1TU, Avon, England

[2] Univ Bath, Sch Management, Bath BA2 7AY, Avon, England

来源：

JOURNAL OF PUBLIC ECONOMICS | 2016年 / 141卷

关键词：

Adverse selection; Insurance markets; Annuities; INSURANCE MARKETS; ASYMMETRIC INFORMATION; INDIVIDUAL ANNUITIES; UNCERTAIN LIFETIMES; SOCIAL-SECURITY; UNITED-STATES;

D O I：

10.1016/j.jpubeco.2016.07.002

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We show that tests for adverse selection in annuity markets using prices are not identified. Within the UK annuity market, different annuity products create the potential for a Rothschild-Stiglitz separating equilibrium as different risk types could choose different annuities. Empirical analyses using the "money's worth" suggest that prices are indeed consistent with this explanation. However, we show that this pattern of annuity prices would also result from the actions of regulated annuity providers who must reserve against cohort mortality risk. Annuity products that might attract different consumer risk types also have different risks for the provider. (C) 2016 Elsevier B.V. All rights reserved.

引用

页码：68 / 81

页数：14

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