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| Author: | Brown, J. R. |
| Title: | Private pensions, mortality risk, and the decision to annuitize |
| Journal: | Journal of Public Economics
2001 : OCT, VOL. 82:1, p. 29-62 |
| Index terms: | Social welfare Retirement Pensions Social security Population mortality |
| Language: | eng |
| Abstract: | This paper examines household decisions about whether or not to annuitize retirement resources. A life-cycle model of consumption, implemented with the use of dynamic programming techniques, is used to construct a utility-based measure of annuity value for individuals and couples in the Health and Retirement Survey. The author finds that a one-percentage point increase in the annuity wealth leads to nearly a one-percentage point in the ex ante probability of annuitizing balances in defined contribution pension plans. |
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