Annuity markets / Edmund Cannon and Ian Tonks.

  • Oxford : Oxford University Press 2008
Physical description
1 online resource (xix, 295 p.)
  • 9780191711978 (ebook)
  • Description based upon print version of record.
  • English
  • Description based on print version record.
  • Includes bibliographical references and index.
  • specialized
  • Contents; List of Figures; List of Tables; 1. Introduction and the context of annuity markets; 1.1. Context of annuities within pensions policy; 1.2. Structure of the book; 2. Description of annuity markets; 2.1. Types of annuities; 2.2. Data on annuity rates; 2.2.1. Purchased life annuities (voluntary); 2.2.2. Compulsory purchase annuities market; 3. A short history of annuities; 3.1. Annuities from Classical Times up to the Middle Ages; 3.2. Annuities in the period of developing financial markets; 3.3. Annuities and UK pension provision since 1945
  • 3.4. Recent developments in UK financial markets4. Modelling life expectancy; 4.1. Definitions, concepts, and actuarial notation; 4.2. Mortality data in the UK; 4.3. Patterns of mortality; 4.4. Projecting mortality in the future; 5. Annuity markets around the world; 5.1. Australia; 5.2. Chile; 5.3. Germany; 5.4. Italy; 5.5. Singapore; 5.6. Sweden; 5.7. Switzerland; 5.8. United States of America; 6. Money's worth calculations; 6.1. Evidence on money's worth of UK annuities; 6.2. Evidence on money's worth in the UK's compulsory annuities market; 6.3. Evidence on international money's worth
  • 7. Annuity demand theory7.1. A simple model of annuity demand; 7.2. Annuitization and purchasing annuities; 7.3. Expected-utility maximization; 7.4. Risk aversion and the form of risk; 7.5. Exotic utility functions; 7.6. Solving expected utility models; 7.7. Numerical simulations; 8. Reasons for the annuity puzzle; 8.1. Social welfare payments and pre-annuitized wealth; 8.2. Investing in alternative assets or deferring annuitization; 8.3. The pattern of expenditure in retirement; 8.4. Theory of adverse selection in annuity markets; 8.4.1. The Eckstein-Eichenbaum-Peled approach
  • 8.4.2. The adverse selection models of Abel and Walliser8.5. Behavioural factors; 8.5.1. Cumulative prospect theory and loss aversion; 8.5.2. Framing effects; 8.5.3. Poor financial education; 9. Evidence on the workings of annuity markets; 9.1. Evidence on selection effects; 9.2. Evidence on the demand for annuities; 10. Supply of annuities; 10.1. Market shares of annuity business in the UK; 10.2. Regulation of annuity providers; 10.2.1. EU regulations and Solvency 2; 10.2.2. UK annuity regulation; 10.3. Managing interest rate risk and bond markets; 10.4. Managing longevity risk
  • 10.4.1. Longevity bonds10.4.2. Reinsurance and securitization; 10.4.3. Example of mortality securitization; 10.4.4. Mortality swaps; 11. Conclusions; Glossary; Bibliography; Index; A; B; C; D; E; F; G; H; I; J; K; L; M; N; O; P; Q; R; S; T; U; V; W; Y; Z
Other names
Related item
  • Electronic books.
  • text
  • English
  • Understanding and tackling the impending pension crisis is a key task for public policy. An annuity protects an individual from outliving their savings, and is central to pensions policy. This title explores the issues surrounding annuities.

Holdings information at the University of Sheffield Library

Requesting live circulation data...

Link to external resource:

Resource Link: Oxford scholarship online:

Link to external resource:

Resource Link: ; Oxford Scholarship - Oxford University Press: Business and Management

More details about: University of Sheffield Library