Contact
schliessen

Filtern

 

Bibliotheken

Logo der Bibliothek

Siegel TU Braunschweig Universitätsbibliothek Braunschweig
You do not seem to be within the network of Braunschweig University.
As student, researcher or staff member of Braunschweig University you can use the VPN service to gain access to electronic publications.
Alternatively, you can use your university username and password via Shibboleth to gain access to electronic publications with certain publishers. You can find more details in our Blog (in German).

Adverse Selection in Private Annuity Markets and the Role of Mandatory Social Annuitization

We study the effects on the macroeconomic equilibrium, the wealth distribution, and welfare of adverse selection in private annuity markets in a closed economy inhabited by overlapping generations of heterogeneous agents who are distinguished by their health status. If an agent’s health type is priv... Full description

Main Author: Heijdra, J.
Contributors: Reijnders, M.
Contained in: De Economist : Netherlands Economic Review Dordrecht [u.a.] : Springer Science + Business Media B.V Vol. 160, No. 3 (2012), p. 311-337
Journal Title: De Economist : Netherlands Economic Review
Fulltext access: Fulltext access (direct link - free access) 10.1007/s10645-012-9191-z
Availability is being checked...
Links: Volltext (dx.doi.org)
ISSN: 1572-9982
Keywords: Adverse selection
Annuity markets
Demography
OriginalPaper
Overlapping generations
DOI: 10.1007/s10645-012-9191-z
Language: English
Notes: Open Access
A previous version of this paper formed part of the second author’s bachelor thesis which was awarded the 2011 Netspar Bachelor Thesis Award. It was also joint winner of the 2011 Grote Financiën Scriptieprijs, a thesis prize established by the Dutch Ministry of Finance.
Physical Description: Online-Ressource
ID (e.g. DOI, URN): 10.1007/s10645-012-9191-z
s10645-012-9191-z
PPN (Catalogue-ID): SPR026395037
more publication details ...

Associated Publications/Volumes

  • Associated records are being queried...
more (+)
Internes Format
LEADER 02719nma a2200445 c 4500
001 SPR026395037
003 DE-601
005 20150715124328.0
007 cr uuu---uuuuu
008 150314s2012 000 0 eng d
024 7 |a 10.1007/s10645-012-9191-z  |2 doi 
024 8 |a s10645-012-9191-z 
035 |a s10645-012-9191-z 
040 |b ger  |c GBVCP 
041 0 |a eng 
100 1 |a Heijdra, J. 
245 1 0 |a Adverse Selection in Private Annuity Markets and the Role of Mandatory Social Annuitization  |h Elektronische Ressource 
300 |a Online-Ressource 
500 |a Open Access 
500 |a A previous version of this paper formed part of the second author’s bachelor thesis which was awarded the 2011 Netspar Bachelor Thesis Award. It was also joint winner of the 2011 Grote Financiën Scriptieprijs, a thesis prize established by the Dutch Ministry of Finance. 
520 |a We study the effects on the macroeconomic equilibrium, the wealth distribution, and welfare of adverse selection in private annuity markets in a closed economy inhabited by overlapping generations of heterogeneous agents who are distinguished by their health status. If an agent’s health type is private information there will be a pooling equilibrium in the private annuity market. We also study the implications for the macro-economy and welfare of a social security system with mandatory contributions that are constant across health types. These social annuities are immune to adverse selection and therefore offer a higher rate of return than private annuities do. However, they have a negative effect on the steady-state capital intensity and welfare. The positive effect of a fair pooled rate of return on a fixed part of savings and a higher return on capital in equilibrium is outweighed by the negative consequences of increased adverse selection in the private annuity market and a lower wage rate. 
611 2 7 |a OriginalPaper  |2 gnd 
650 7 |a Annuity markets  |2 gnd 
650 7 |a Adverse selection  |2 gnd 
650 7 |a Overlapping generations  |2 gnd 
650 7 |a Demography  |2 gnd 
689 0 0 |A f  |a OriginalPaper 
689 0 |5 DE-601 
689 1 0 |A s  |a Annuity markets 
689 1 1 |A s  |a Adverse selection 
689 1 2 |A s  |a Overlapping generations 
689 1 3 |A s  |a Demography 
689 1 |5 DE-601 
700 1 |a Reijnders, M. 
773 0 8 |i in  |t De Economist : Netherlands Economic Review  |d Dordrecht [u.a.] : Springer Science + Business Media B.V  |g Vol. 160, No. 3 (2012), p. 311-337  |q 160:3<311-337  |w (DE-601)SPR026291355  |x 1572-9982 
856 4 1 |u http://dx.doi.org/10.1007/s10645-012-9191-z  |z OA  |3 Volltext 
912 |a GBV_SPRINGER 
912 |a OPENACCESS 
951 |a AR 
952 |d 160  |j 2012  |e 3  |c 09  |h 311-337