Selection effects in the United Kingdom individual annuities market
Selection effects in the United Kingdom individual annuities market
复制标题
DOI：
10.1111/1468-0297.0j672
复制
发表时间：
2002-01-01
期刊：
影响因子：
3.2
通讯作者：
Poterba, J
中科院分区：
文献类型：
--
作者：
Finkelstein, A;Poterba, J
本文探讨了英国自愿性和强制性个人年金市场中的逆向选择。两个经验规律支持逆向选择的标准模型。首先，年金的人比非年金的人寿命更长。这些死亡率差异在自愿性年金市场中比在强制性年金市场中更加明显。我们估计，强制市场中的逆向选择数量大约是自愿市场中的一半。其次，每个年金市场中不同类型年金产品的定价与个人选择产品是一致的，这在一定程度上是基于关于他们死亡前景的私人信息。
This paper explores adverse selection in the voluntary and compulsory individual annuity markets in the United Kingdom. Two empirical regularities support standard models of adverse selection. First, annuitants are longer-lived than non-annuitants. These mortality differences are more pronounced in the voluntary than in the compulsory annuity market. We estimate that the amount of adverse selection in the compulsory market is about one half of that in the voluntary market. Second the pricing of different types of annuity products within each annuity market is consistent with individuals selecting products based, in part on private information about their mortality prospects.