LEADER 02391oam 22004933a 450 001 9910717321103321 005 20230622022542.0 035 $a(NBER)w19211 035 $a(CKB)3280000000025230 035 $a(OCoLC)1262126420 035 $a(EXLCZ)993280000000025230 100 $a20230622d2013 fy 0 101 0 $aeng 135 $aurcnu|||||||| 181 $ctxt$2rdacontent 182 $cc$2rdamedia 183 $acr$2rdacarrier 200 10$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$aHousehold Saving ? Personal Finance 615 7$aHousehold 686 $aD01$2jelc 686 $aD14$2jelc 686 $aH31$2jelc 700 $aReichling$b Felix$01365087 701 $aSmetters$b Kent$0292064 712 02$aNational Bureau of Economic Research. 801 0$bMaCbNBER 801 1$bMaCbNBER 906 $aBOOK 912 $a9910717321103321 996 $aOptimal Annuitization with Stochastic Mortality Probabilities$93386734 997 $aUNINA LEADER 01285nam0 22003011i 450 001 UON00031218 005 20231205102102.114 010 $a09-456-3667-9 100 $a20020107d1994 |0itac50 ba 101 $aeng 102 $aUS 105 $a|||| 1|||| 200 1 $aCuneiform documents from the Chaldean and Persian periods$fRonald H. Sack 210 $aSelinsgrove$cSusquehanna University Press$dc1994 215 $aX, 129 p., [32] c. di tav.$d28 cm 606 $aLingua accadica$xTesti$3UONC008446$2FI 606 $aLETTERATURA CUNEIFORME$xTESTI$xPERIODO CALDEO$3UONC011483$2FI 606 $aLETTERATURA CUNEIFORME$xTESTI$xPERIODO PERSIANO$3UONC011484$2FI 620 $dSelinsgrove$3UONL001275 686 $aMES III A$cMESOPOTAMIA - FILOLOGIA - TESTI CUNEIFORMI$2A 700 1$aSACK$bRonald H.$3UONV010024$0640119 712 $aSusquehanna University Press$3UONV251746$4650 801 $aIT$bSOL$c20240220$gRICA 899 $aSIBA - SISTEMA BIBLIOTECARIO DI ATENEO$2UONSI 912 $aUON00031218 950 $aSIBA - SISTEMA BIBLIOTECARIO DI ATENEO$dSI MES III A 072 N $eSI SA 87836 5 072 N 996 $aCuneiform documents from the Chaldean and Persian periods$91189648 997 $aUNIOR