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The Macroeconomic Effects of Longevity Risk Under Private and Public Insurance and Asymmetric Information

We study the impact of a fully-funded social security system in an economy with heterogeneous consumers. The unobservability of individual health conditions leads to adverse selection in the private annuity market. Introducing social security—which is immune to adverse selection—affects capital accu... Full description

Main Author: Heijdra, J.
Contributors: Jiang, Yang
Mierau, O.
Contained in: De Economist : Netherlands Economic Review Dordrecht [u.a.] : Springer Science + Business Media B.V Vol. 167, No. 2 (2019), p. 177-213
Journal Title: De Economist : Netherlands Economic Review
Fulltext access: Fulltext access (direct link - free access) 10.1007/s10645-019-09336-y
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Links: Volltext (dx.doi.org)
ISSN: 1572-9982
Keywords: Adverse selection
Annuity market
Inequality
OriginalPaper
Overlapping generations
Redistribution
Social security
DOI: 10.1007/s10645-019-09336-y
Language: English
Notes: Open Access
We thank Servaas van Bilsen, Volker Grossman, Ward Romp, Rob Alessie, and participants of the CESifo Area Conference on Public Sector Economics (April 2018) for useful comments. The first author thanks the Center for Economic Studies in Munich for the excellent hospitality experienced during his research visit in November–December 2017 when the finishing touches on this paper were applied. Supplementary material supporting the paper can be found on the website for this journal. The online version of this article ( https://doi.org/10.1007/s10645-019-09336-y) contains supplementary material, which is available to authorized users.
Physical Description: Online-Ressource
ID (e.g. DOI, URN): 10.1007/s10645-019-09336-y
s10645-019-09336-y
PPN (Catalogue-ID): SPR065019156
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