BernheimV1, Main, Exploration, bibRecord, 000153

Ambiguous Life Expectancy and the Demand for Annuities

Identifieur interne : 000153 ( Main/Exploration ); précédent : 000152; suivant : 000154

Ambiguous Life Expectancy and the Demand for Annuities

Auteurs : Hippolyte D'Albis [France] ; Emmanuel Thibault [France]

Source :

RBID : Hal:halshs-00721281

Descripteurs français

mix :
- Rente viagère, aversion à l'ambigüité, probabilité de survie incertaine.

English descriptors

mix :
- Demand for annuities, ambiguity aversion, uncertain survival probabilities.

Abstract

In this paper, ambiguity aversion to uncertain survival probabilities is introduced in a life-cycle model with a bequest motive to study the optimal demand for annuities. Provided that annuities return is sufficiently large, and notably when it is fair, positive annuitization is known to be optimal strategy of ambiguity neutral individuals. Conversely, we show that the demand for annuities decreases with ambiguity aversion and that there exists a finite degree of aversion above which the demand is non positive : the optimal strategy is then to either sell annuities short or to hold zero annuities if the former option is not available. To conclude, ambiguity aversion appears as a relevant candidate for explaining the annuity puzzle.

Url:

https://halshs.archives-ouvertes.fr/halshs-00721281

Affiliations:

France

Links toward previous steps (curation, corpus...)

to stream Hal, to step Corpus: 000010
to stream Hal, to step Curation: 000010
to stream Hal, to step Checkpoint: 000121
to stream Main, to step Merge: 000153
to stream Main, to step Curation: 000153

Le document en format XML

<record><TEI><teiHeader><fileDesc><titleStmt><title xml:lang="en">Ambiguous Life Expectancy and the Demand for Annuities</title>
<author><name sortKey="D Albis, Hippolyte" sort="D Albis, Hippolyte" uniqKey="D Albis H" first="Hippolyte" last="D'Albis">Hippolyte D'Albis</name>
<affiliation wicri:level="1"><hal:affiliation type="laboratory" xml:id="struct-15080" status="VALID">          <idno type="IdRef">116552077</idno>
          <idno type="RNSR">200612823S</idno>
          <orgName>Centre d'économie de la Sorbonne</orgName>
          <orgName type="acronym">CES</orgName>
          <date type="start">2006</date>
          <desc>            <address>              <addrLine>Maison des Sciences Économiques - 106-112 Boulevard de l'Hôpital - 75647 Paris Cedex 13</addrLine>
              <country key="FR"></country>
            </address>
            <ref type="url">http://centredeconomiesorbonne.univ-paris1.fr/</ref>
          </desc>
          <listRelation>            <relation active="#struct-7550" type="direct"></relation>
            <relation name="UMR8174" active="#struct-441569" type="direct"></relation>
          </listRelation>
        <tutelles><tutelle active="#struct-7550" type="direct"><org type="institution" xml:id="struct-7550" status="VALID">          <orgName>Université Panthéon-Sorbonne</orgName>
          <orgName type="acronym">UP1</orgName>
          <desc>            <address>              <addrLine>12 place du Panthéon - 75231 Paris Cedex 05</addrLine>
              <country key="FR"></country>
            </address>
            <ref type="url">http://www.univ-paris1.fr/</ref>
          </desc>
        </org>
</tutelle>
<tutelle name="UMR8174" active="#struct-441569" type="direct"><org type="institution" xml:id="struct-441569" status="VALID">          <idno type="IdRef">02636817X</idno>
          <idno type="ISNI">0000000122597504</idno>
          <orgName>Centre National de la Recherche Scientifique</orgName>
          <orgName type="acronym">CNRS</orgName>
          <date type="start">1939-10-19</date>
          <desc>            <address>              <country key="FR"></country>
            </address>
            <ref type="url">http://www.cnrs.fr/</ref>
          </desc>
        </org>
</tutelle>
</tutelles>
</hal:affiliation>
<country>France</country>
</affiliation>
</author>
<author><name sortKey="Thibault, Emmanuel" sort="Thibault, Emmanuel" uniqKey="Thibault E" first="Emmanuel" last="Thibault">Emmanuel Thibault</name>
<affiliation wicri:level="1"><hal:affiliation type="laboratory" xml:id="struct-199447" status="INCOMING">          <orgName>Toulouse School of Economics</orgName>
          <desc>            <address>              <addrLine>21 allée de Brienne, 31015 Toulouse Cedex 6</addrLine>
              <country key="FR"></country>
            </address>
            <ref type="url">http://www.tse-fr.eu</ref>
          </desc>
          <listRelation>            <relation active="#struct-348984" type="direct"></relation>
          </listRelation>
        <tutelles><tutelle active="#struct-348984" type="direct"><org type="institution" xml:id="struct-348984" status="INCOMING">          <orgName>TSE</orgName>
          <desc>            <address>              <country key="FR"></country>
            </address>
          </desc>
        </org>
</tutelle>
</tutelles>
</hal:affiliation>
<country>France</country>
</affiliation>
</author>
</titleStmt>
<publicationStmt><idno type="wicri:source">HAL</idno>
<idno type="RBID">Hal:halshs-00721281</idno>
<idno type="halId">halshs-00721281</idno>
<idno type="halUri">https://halshs.archives-ouvertes.fr/halshs-00721281</idno>
<idno type="url">https://halshs.archives-ouvertes.fr/halshs-00721281</idno>
<date when="2012-07">2012-07</date>
<idno type="wicri:Area/Hal/Corpus">000010</idno>
<idno type="wicri:Area/Hal/Curation">000010</idno>
<idno type="wicri:Area/Hal/Checkpoint">000121</idno>
<idno type="wicri:explorRef" wicri:stream="Hal" wicri:step="Checkpoint">000121</idno>
<idno type="wicri:Area/Main/Merge">000153</idno>
<idno type="wicri:Area/Main/Curation">000153</idno>
<idno type="wicri:Area/Main/Exploration">000153</idno>
</publicationStmt>
<sourceDesc><biblStruct><analytic><title xml:lang="en">Ambiguous Life Expectancy and the Demand for Annuities</title>
<author><name sortKey="D Albis, Hippolyte" sort="D Albis, Hippolyte" uniqKey="D Albis H" first="Hippolyte" last="D'Albis">Hippolyte D'Albis</name>
<affiliation wicri:level="1"><hal:affiliation type="laboratory" xml:id="struct-15080" status="VALID">          <idno type="IdRef">116552077</idno>
          <idno type="RNSR">200612823S</idno>
          <orgName>Centre d'économie de la Sorbonne</orgName>
          <orgName type="acronym">CES</orgName>
          <date type="start">2006</date>
          <desc>            <address>              <addrLine>Maison des Sciences Économiques - 106-112 Boulevard de l'Hôpital - 75647 Paris Cedex 13</addrLine>
              <country key="FR"></country>
            </address>
            <ref type="url">http://centredeconomiesorbonne.univ-paris1.fr/</ref>
          </desc>
          <listRelation>            <relation active="#struct-7550" type="direct"></relation>
            <relation name="UMR8174" active="#struct-441569" type="direct"></relation>
          </listRelation>
        <tutelles><tutelle active="#struct-7550" type="direct"><org type="institution" xml:id="struct-7550" status="VALID">          <orgName>Université Panthéon-Sorbonne</orgName>
          <orgName type="acronym">UP1</orgName>
          <desc>            <address>              <addrLine>12 place du Panthéon - 75231 Paris Cedex 05</addrLine>
              <country key="FR"></country>
            </address>
            <ref type="url">http://www.univ-paris1.fr/</ref>
          </desc>
        </org>
</tutelle>
<tutelle name="UMR8174" active="#struct-441569" type="direct"><org type="institution" xml:id="struct-441569" status="VALID">          <idno type="IdRef">02636817X</idno>
          <idno type="ISNI">0000000122597504</idno>
          <orgName>Centre National de la Recherche Scientifique</orgName>
          <orgName type="acronym">CNRS</orgName>
          <date type="start">1939-10-19</date>
          <desc>            <address>              <country key="FR"></country>
            </address>
            <ref type="url">http://www.cnrs.fr/</ref>
          </desc>
        </org>
</tutelle>
</tutelles>
</hal:affiliation>
<country>France</country>
</affiliation>
</author>
<author><name sortKey="Thibault, Emmanuel" sort="Thibault, Emmanuel" uniqKey="Thibault E" first="Emmanuel" last="Thibault">Emmanuel Thibault</name>
<affiliation wicri:level="1"><hal:affiliation type="laboratory" xml:id="struct-199447" status="INCOMING">          <orgName>Toulouse School of Economics</orgName>
          <desc>            <address>              <addrLine>21 allée de Brienne, 31015 Toulouse Cedex 6</addrLine>
              <country key="FR"></country>
            </address>
            <ref type="url">http://www.tse-fr.eu</ref>
          </desc>
          <listRelation>            <relation active="#struct-348984" type="direct"></relation>
          </listRelation>
        <tutelles><tutelle active="#struct-348984" type="direct"><org type="institution" xml:id="struct-348984" status="INCOMING">          <orgName>TSE</orgName>
          <desc>            <address>              <country key="FR"></country>
            </address>
          </desc>
        </org>
</tutelle>
</tutelles>
</hal:affiliation>
<country>France</country>
</affiliation>
</author>
</analytic>
</biblStruct>
</sourceDesc>
</fileDesc>
<profileDesc><textClass><keywords scheme="mix" xml:lang="en"><term>Demand for annuities</term>
<term>ambiguity aversion</term>
<term>uncertain survival probabilities</term>
</keywords>
<keywords scheme="mix" xml:lang="fr"><term>Rente viagère</term>
<term>aversion à l'ambigüité</term>
<term>probabilité de survie incertaine</term>
</keywords>
</textClass>
</profileDesc>
</teiHeader>
<front><div type="abstract" xml:lang="en">In this paper, ambiguity aversion to uncertain survival probabilities is introduced in a life-cycle model with a bequest motive to study the optimal demand for annuities. Provided that annuities return is sufficiently large, and notably when it is fair, positive annuitization is known to be optimal strategy of ambiguity neutral individuals. Conversely, we show that the demand for annuities decreases with ambiguity aversion and that there exists a finite degree of aversion above which the demand is non positive : the optimal strategy is then to either sell annuities short or to hold zero annuities if the former option is not available. To conclude, ambiguity aversion appears as a relevant candidate for explaining the annuity puzzle.</div>
</front>
</TEI>
<affiliations><list><country><li>France</li>
</country>
</list>
<tree><country name="France"><noRegion><name sortKey="D Albis, Hippolyte" sort="D Albis, Hippolyte" uniqKey="D Albis H" first="Hippolyte" last="D'Albis">Hippolyte D'Albis</name>
</noRegion>
<name sortKey="Thibault, Emmanuel" sort="Thibault, Emmanuel" uniqKey="Thibault E" first="Emmanuel" last="Thibault">Emmanuel Thibault</name>
</country>
</tree>
</affiliations>
</record>

Pour manipuler ce document sous Unix (Dilib)

EXPLOR_STEP=$WICRI_ROOT/Wicri/Psychologie/explor/BernheimV1/Data/Main/Exploration

HfdSelect -h $EXPLOR_STEP/biblio.hfd -nk 000153 | SxmlIndent | more

HfdSelect -h $EXPLOR_AREA/Data/Main/Exploration/biblio.hfd -nk 000153 | SxmlIndent | more

Pour mettre un lien sur cette page dans le réseau Wicri

{{Explor lien
   |wiki=    Wicri/Psychologie
   |area=    BernheimV1
   |flux=    Main
   |étape=   Exploration
   |type=    RBID
   |clé=     Hal:halshs-00721281
   |texte=   Ambiguous Life Expectancy and the Demand for Annuities
}}

This area was generated with Dilib version V0.6.33.
Data generation: Mon Mar 5 17:33:33 2018. Site generation: Thu Apr 29 15:49:51 2021

	Serveur d'exploration Hippolyte Bernheim
	Attention, ce site est en cours de développement ! Attention, site généré par des moyens informatiques à partir de corpus bruts. Les informations ne sont donc pas validées.

Serveur d'exploration Hippolyte Bernheim

Ambiguous Life Expectancy and the Demand for Annuities

Ambiguous Life Expectancy and the Demand for Annuities

Source :

Descripteurs français

English descriptors

Abstract

Links toward previous steps (curation, corpus...)

Le document en format XML

Pour manipuler ce document sous Unix (Dilib)

Pour mettre un lien sur cette page dans le réseau Wicri