Joint life annuities and annuity demand by married couples
Joint life annuities and annuity demand by married couples
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DOI：
10.2307/253849
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发表时间：
2000-12-01
影响因子：
1.9
通讯作者：
Poterba, JM
中科院分区：
文献类型：
--
作者：
Brown, JR;Poterba, JM
本文总结了目前已婚夫妇可用的联合年金产品的范围，并探索了这些夫妇从进入精算公平的年金市场获得的潜在效用收益。对夫妇来说，估计这一效用收益比对个人更困难，因为夫妇的年化价值将在一定程度上取决于配偶一方去世但另一方仍在世时可获得的遗属福利。评估共同年金和遗属年金还需要认识到已婚夫妇成员之间潜在的重要互动，如共同消费、相互依赖的公用事业和相关的死亡率。本文将逐一考虑这些问题。它为已婚夫妇开发了一个年金估值模型，并估计了他们的“年金等值财富”，即在缺乏精算公平的年金市场的情况下，夫妇为了达到与市场可用时相同的效用水平而需要的财富数量。对于夫妇来说，年化的效用收益比单身个人的收益要小。由于大多数潜在的年金购买者都是已婚人士，这一发现可能有助于解释美国单一保费年金市场的有限规模。
This article summarizes the range of joint-life annuity products that are currently available to married couples, and it explores the potential utility gain that such couples receive from access to actuarially fair annuity markets. It is more difficult to estimate this utility gain for couples than for individuals because a couple's value of annuitization will depend in part on the survivor benefits that are available after one spouse has died but while the other is still alive. Valuing joint and survivor annuities also requires recognition of the potentially important interactions between the members of a married couple, such as joint consumption, interdependent utilities, and correlated mortality rates. This article considers each of these issues. It develops an annuity valuation model for married couples and it estimates their "annuity equivalent wealth," the amount of wealth that couples would need in the absence of actuarially fair annuity markets in order to achieve the same utility level that they receive when such markets are available. The utility gain from annuitization is smaller for couples than for single individuals. Since most potential annuity buyers are married, this finding may help to explain the limited size of the market for single premium annuities in the United States.