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Survival Pessimism and the Demand for Annuities
National Bureau of Economic Research [NBER]; purchase required for full document Aug. 17, 2020 "[The authors] provide evidence that individuals misperceive their mortality risk, and study the demand for annuities in a setting where annuities are priced by insurers on the basis of objectively-measured survival probabilities but in which individuals make purchasing decisions based on their own subjective survival probabilities. Subjective expectations have the capacity to explain significant rates of non-annuitization, yielding a quantitatively important explanation for the annuity puzzle." |
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