Annuity markets / Edmund Cannon and Ian Tonks.

  • Oxford : Oxford University Press 2008
Physical description
1 online resource (316 p.)
  • 0-19-155088-4
  • 9786611978488
  • 1-281-97848-5
  • Description based upon print version of record.
  • English
  • Includes bibliographical references (p. 268-281) and index.
  • Description based on print version record.
  • 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
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  • The Pension Crisis concerns the changing demographic profile of the economy: an increasing number of elderly persons supported by fewer young people. Governments around the world are responding to this impending crisis by shifting their pension policies away from pay-as-you-go systems towards individual savings schemes. These savings need to be converted into a pension at retirement, and annuities provide this function. This book is a comprehensive study of annuity markets. The book starts by outlining the context of public policy towards pensions, and explains the different types of annuities

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