Effects of uncertain lifetime and annuity insurance on capital accumulation and growth
Effects of uncertain lifetime and annuity insurance on capital accumulation and growth
复制标题
不确定的终身寿险和年金保险对资本积累和增长的影响
DOI：
10.1007/s001990050263
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发表时间：
1999
期刊：
影响因子：
1.3
通讯作者：
Luisa Fuster
中科院分区：
文献类型：
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作者：
Luisa Fuster
本文研究了不确定寿命对资本积累和增长的影响，以及这些影响对存在完美年金市场的敏感性。该模型是一个具有不确定寿命的世代重叠模型。技术是凸的，资本的边际产量是有界的。本文的一个贡献是表明，意外遗赠的存在可能导致经济的均衡，表现出渐近增长，这是不可能的，在一个经济与一个完美的年金市场或一定的寿命。本文还表明，如果个人在每个时期都面临正的生存概率，他们可能愿意在任何年龄储蓄。即使存在一个完美的年金市场，这种不确定的寿命对储蓄的影响也可能导致经济达到一个渐近增长的均衡。
This paper studies the effects of uncertain lifetime on capital accumulation and growth and also the sensitivity of those effects to the existence of a perfect annuities market. The model is an overlapping generations model with uncertain lifetimes. The technology is convex and such that the marginal product of capital is bounded away from zero. A contribution of this paper is to show that the existence of accidental bequests may lead the economy to an equilibrium that exhibits asymptotic growth, which is impossible in an economy with a perfect annuities market or with certain lifetimes. This paper also shows that if individuals face a positive probability of surviving in every period, they may be willing to save at any age. This effect of uncertain lifetime on savings may also lead the economy to an equilibrium exhibiting asymptotic growth even if there exists a perfect annuities market.
DOI：
10.1002/9781118231296.ch8
发表时间：
2018-11
期刊：
Gauge Integral Structures for Stochastic Calculus and Quantum Electrodynamics
影响因子：
--
作者：
Dr. Gergely Záruba
通讯作者：
Dr. Gergely Záruba