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dc.contributor.authorBoon, Ling-Ni
dc.contributor.authorBrière, Marie
dc.contributor.authorWerker, Bas
dc.date.accessioned2020-09-21T10:44:34Z
dc.date.available2020-09-21T10:44:34Z
dc.date.issued2020
dc.identifier.issn1474-7472
dc.identifier.urihttps://basepub.dauphine.fr/handle/123456789/20986
dc.language.isoenen
dc.subjectlongevity risk
dc.subjectgroup self-annuitization (GSA)
dc.subjectinsurance
dc.subjectvariable annuity
dc.subjectD14
dc.subjectE21
dc.subjectG22
dc.subjectG23
dc.subject.ddc332en
dc.subject.classificationjelD.D1.D14en
dc.subject.classificationjelE.E2.E21en
dc.subject.classificationjelG.G2.G22en
dc.subject.classificationjelG.G2.G23en
dc.titleLongevity Risk: To Bear or to Insure?
dc.typeArticle accepté pour publication ou publié
dc.description.abstractenWe compare two contracts for managing systematic longevity risk in retirement: a collective arrangement that distributes the risk among participants, and a market-provided annuity contract. We evaluate the contracts’ appeal with respect to the retiree’s welfare, and the viability of the market solution through the financial reward to the annuity provider’s equityholders. We find that individuals find it more attractive to bear longevity risk under a collective arrangement than to insure it with a life insurers’annuity contract subject to insolvency risk (albeit small). Under realistic capital provision hypotheses, the annuity provider is incapable of adequately compensating its equity holders for bearing systematic longevity risk.
dc.relation.isversionofjnlnameJournal of Pension Economics and Finance
dc.relation.isversionofjnlvol19
dc.relation.isversionofjnlissue3
dc.relation.isversionofjnldate2020
dc.relation.isversionofjnlpages409-441
dc.relation.isversionofdoi10.1017/S1474747219000192
dc.identifier.urlsitehttps://dx.doi.org/10.2139/ssrn.2926902
dc.subject.ddclabelEconomie financièreen
dc.relation.forthcomingnonen
dc.relation.forthcomingprintnonen
dc.description.ssrncandidatenon
dc.description.halcandidateoui
dc.description.readershiprecherche
dc.description.audienceInternational
dc.relation.Isversionofjnlpeerreviewednon
dc.date.updated2020-09-21T10:45:16Z


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