Annuity markets / Edmund Cannon and Ian Tonks.

Author
Published
  • Oxford ; New York : Oxford University Press 2008
Physical description
xix, 295 pages : illustrations ; 24 cm
ISBN
  • 9780199216994
  • 0199216991
Notes
  • Includes bibliographical references (pages 268-281) and index.
Contents
  • 1 Introduction and the context of annuity markets 1 -- 1.1 Context of annuities within pensions policy 2 -- 2 Description of annuity markets 19 -- 2.1 Types of annuities 19 -- 2.2 Data on annuity rates 27 -- 2.2.1 Purchased life annuities (voluntary) 28 -- 2.2.2 Compulsory purchase annuities market 35 -- 3 A short history of annuities 43 -- 3.1 Annuities from Classical Times up to the Middle Ages 43 -- 3.2 Annuities in the period of developing financial markets 46 -- 3.3 Annuities and UK pension provision since 1945 53 -- 3.4 Recent developments in UK financial markets 64 -- 4 Modelling life expectancy 70 -- 4.1 Definitions, concepts, and actuarial notation 70 -- 4.2 Mortality data in the UK 76 -- 4.3 Patterns of mortality 82 -- 4.4 Projecting mortality in the future 86 -- 5 Annuity markets around the world 95 -- 5.1 Australia 98 -- 5.2 Chile 100 -- 5.3 Germany 106 -- 5.4 Italy 107 -- 5.5 Singapore 109 -- 5.6 Sweden 111 -- 5.7 Switzerland 112 -- 5.8 United States of America 115 -- 6 Money's worth calculations 117 -- 6.1 Evidence on money's worth of UK annuities 118 -- 6.2 Evidence on money's worth in the UK's compulsory annuities market 122 -- 6.3 Evidence on international money's worth 131 -- 7 Annuity demand theory 140 -- 7.1 A simple model of annuity demand 141 -- 7.2 Annuitization and purchasing annuities 148 -- 7.3 Expected-utility maximization 150 -- 7.4 Risk aversion and the form of risk 157 -- 7.5 Exotic utility functions 161 -- 7.6 Solving expected utility models 165 -- 7.7 Numerical simulations 170 -- 8 Reasons for the annuity puzzle 180 -- 8.1 Social welfare payments and pre-annuitized wealth 181 -- 8.2 Investing in alternative assets or deferring annuitization 184 -- 8.3 The pattern of expenditure in retirement 189 -- 8.4 Theory of adverse selection in annuity markets 192 -- 8.4.1 The Eckstein-Eichenbaum-Peled approach 193 -- 8.4.2 The adverse selection models of Abel and Walliser 196 -- 8.5 Behavioural factors 200 -- 8.5.1 Cumulative prospect theory and loss aversion 201 -- 8.5.2 Framing effects 204 -- 8.5.3 Poor financial education 206 -- 9 Evidence on the workings of annuity markets 210 -- 9.1 Evidence on selection effects 210 -- 9.2 Evidence on the demand for annuities 219 -- 10 Supply of annuities 226 -- 10.1 Market shares of annuity business in the UK 228 -- 10.2 Regulation of annuity providers 234 -- 10.2.1 EU regulations and Solvency 2 234 -- 10.2.2 UK annuity regulation 235 -- 10.3 Managing interest rate risk and bond markets 241 -- 10.4 Managing longevity risk 246 -- 10.4.1 Longevity bonds 248 -- 10.4.2 Reinsurance and securitization 249 -- 10.4.3 Example of mortality securitization 252 -- 10.4.4 Mortality swaps 256.
Other names
Genre
  • Bibliography
  • Illustrated
  • text
Language
  • English

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Arts & Social Sciences Library HG4521 CAN
7 day loan: vacation loan

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