Résumé
We consider a life-cycle model with bequest motives, and assume that the individual does not know his/her survival probability and has maxmin utility preferences;weshow that it is optimal not to annuitize but to purchase pure life insurance policies instead.
Mots-clés
Demand for annuities; Uncertain survival probabilities; Uncertainty aversion; Maxmin;
Codes JEL
- D11: Consumer Economics: Theory
- D81: Criteria for Decision-Making under Risk and Uncertainty
- G11: Portfolio Choice • Investment Decisions
- G22: Insurance • Insurance Companies • Actuarial Studies
Référence
Hippolyte D'Albis et Emmanuel Thibault, « Optimal annuitization, uncertain survival probabilities, and maxmin preferences », Economics Letters, Elsevier, vol. 115, n° 2, mai 2012, p. 296–299.
Publié dans
Economics Letters, Elsevier, vol. 115, n° 2, mai 2012, p. 296–299