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200 1 $aVictoris Vitensis historia persecutionis Africanae provinciae sub geiserico et Hunirico regibus Wandalorum$frecensuit Carolus Hahn
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200 10$aOptimal Annuitization with Stochastic Mortality Probabilities /$fFelix Reichling, Kent Smetters
210   $aCambridge, Mass$cNational Bureau of Economic Research$d2013
210  1$aWashington, DC :$cCongressional Budget Office,$d2013.
215   $a1 online resource$cillustrations (black and white);
225 1 $aNBER working paper series$vno. w19211
300   $aJuly 2013.
320   $aIncludes bibliographical references (pages 41-44).
330 3 $aThe conventional wisdom dating back to Yaari (1965) is that households without a bequest motive should fully annuitize their investments. Numerous market frictions do not break this sharp result. We modify the Yaari framework by allowing a household's mortality risk itself to be stochastic. Annuities still help to hedge longevity risk, but they are now subject to valuation risk. Valuation risk is a powerful gateway mechanism for numerous frictions to reduce annuity demand, even without ad hoc "liquidity constraints." We find that most households should not annuitize any wealth. The optimal level of aggregate net annuity holdings is likely even negative.
410  0$aWorking Paper Series (National Bureau of Economic Research)$vno. w19211.
606   $aMicroeconomic Behavior: Underlying Principles$2jelc
606   $aHousehold Saving ? Personal Finance$2jelc
606   $aHousehold$2jelc
615  7$aMicroeconomic Behavior: Underlying Principles
615  7$aHousehold Saving ? Personal Finance
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