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Life-Cycle Asset Allocation with Annuity Markets: Is Longevity Insurance a Good Deal? (PDF)
Michigan Retirement Research Center, University of Michigan Link to more items from this source
Dec. 27, 2006

Excerpt: [The authors] derive the optimal portfolio choice over the life-cycle for households facing labor income, capital market, and mortality risk. In addition to stocks and bonds, households also have access to incomplete annuity markets offering a hedge against mortality risk. [The authors] show that a considerable fraction of wealth should be annuitized to skim the return enhancing mortality credit.

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