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Optimal Purchasing of Deferred Income Annuities When Payout Yields Are Mean-Reverting
Huang Huaxiong, Moshe A. Milevsky, and V.R. Young, via SSRN Link to more items from this source
Mar. 22, 2015
"[A] risk-averse consumer who is concerned the payout yield will remain below average for an extended period and worries about losing mortality credits while waiting, should employ a barrier purchasing strategy, as in the portfolio choice problem under transaction costs. In fact, the optimal behavior of a risk-averse consumer resembles an asymmetric dollar-cost averaging strategy, with a portion of the DIA-budget spent even while payout rates are below historical averages."

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