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Annuity demand theory

Edmund Cannon and Ian Tonks

in Annuity Markets

Published in print:
2008
Published Online:
January 2009
ISBN:
9780199216994
eISBN:
9780191711978
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199216994.003.0007
Subject:
Business and Management, Pensions and Pension Management

This chapter discusses Yaari's (19665) annuitization result, which states that a risk-averse individual concerned about longevity risk (uncertain length of life) will always purchase actuarially-fair ... More


Risk and Insurance in an Agricultural Economy

Pranab Bardhan and Christopher Udry

in Development Microeconomics

Published in print:
1999
Published Online:
November 2003
ISBN:
9780198773719
eISBN:
9780191595929
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198773714.003.0008
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter first characterizes Pareto‐efficient allocation of risk within a community. A discussion of the documented existence of ex post insurance mechanisms within communities in less developed ... More


Consumption and Permanent Income

Angus Deaton

in Understanding Consumption

Published in print:
1992
Published Online:
November 2003
ISBN:
9780198288244
eISBN:
9780191596131
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198288247.003.0003
Subject:
Economics and Finance, Macro- and Monetary Economics

Discusses the permanent income hypothesis and the mechanisms by which consumption smoothing responds to short‐run changes in income. It also reviews the role played by income and expectations in ... More


Core Purposes of Pension Systems

Nicholas Barr and Peter Diamond

in Reforming Pensions: Principles and Policy Choices

Published in print:
2008
Published Online:
September 2009
ISBN:
9780195311303
eISBN:
9780199893461
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195311303.003.0002
Subject:
Economics and Finance, Financial Economics

The primary objective of pensions is economic security in old age, achieved through consumption smoothing, insurance, poverty relief, and redistribution. The primary objective of pension design is to ... More


The Welfare State as Piggy Bank: Information, Risk, Uncertainty, and the Role of the State

Nicholas Barr

Published in print:
2001
Published Online:
November 2003
ISBN:
9780199246595
eISBN:
9780191595936
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/0199246599.001.0001
Subject:
Economics and Finance, Public and Welfare

This book applies economic theory to the welfare state. Its core message is that the welfare state exists not only to relieve poverty and redistribute income and wealth (the ‘Robin Hood’ function) ... More


Introduction

Nicholas Barr

in The Welfare State as Piggy Bank: Information, Risk, Uncertainty, and the Role of the State

Published in print:
2001
Published Online:
November 2003
ISBN:
9780199246595
eISBN:
9780191595936
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199246599.003.0001
Subject:
Economics and Finance, Public and Welfare

The chapter introduces the core arguments of the book: that the welfare state exists not only to relieve poverty (the ‘Robin Hood’ function) but also to provide insurance and consumption smoothing ... More


The Benchmark Paradigm

Assaf Razin

in Understanding Global Crises: An Emerging Paradigm

Published in print:
2015
Published Online:
May 2016
ISBN:
9780262028592
eISBN:
9780262327701
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262028592.003.0011
Subject:
Economics and Finance, International

The benchmark New Keynesian model comprises three globalization features:1. International labor mobility: both inward and outward movements of labor. The presumption is that labor flows tend to ... More


The Basic Economics of Pensions

Nicholas Barr and Peter Diamond

in Pension Reform: A Short Guide

Published in print:
2009
Published Online:
September 2010
ISBN:
9780195387728
eISBN:
9780199870905
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195387728.003.0002
Subject:
Economics and Finance, Economic Systems

The primary objective of pensions is economic security in old age, achieved through consumption smoothing, insurance, poverty relief, and redistribution. The primary objective of pension design is to ... More


Economic Risk Sharing between States

Waltraud Schelkle

in The Political Economy of Monetary Solidarity: Understanding the Euro Experiment

Published in print:
2017
Published Online:
April 2017
ISBN:
9780198717935
eISBN:
9780191787416
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198717935.003.0003
Subject:
Political Science, Political Economy

This chapter reviews the empirical economic literature that has explored the benefits and the extent of interstate risk sharing. This literature is behind a cautious paradigm shift by EU ... More


The Age Profile of Consumption and Wealth

Tullio Jappelli and Luigi Pistaferri

in The Economics of Consumption: Theory and Evidence

Published in print:
2017
Published Online:
October 2017
ISBN:
9780199383146
eISBN:
9780199383160
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199383146.003.0002
Subject:
Economics and Finance, Macro- and Monetary Economics

The life-cycle model yields a number of important empirical predictions about consumption and saving behavior. First, the growth rate of consumption depends on the difference between the expected ... More


Consumption, Investment, Inventories, and Credit

Jean-Pascal Bénassy

in Macroeconomic Theory

Published in print:
2011
Published Online:
April 2015
ISBN:
9780195387711
eISBN:
9780190261405
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:osobl/9780195387711.003.0014
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter provides an exposition on the facets of consumption, investments, inventories, and credit using a partial equilibrium approach. It begins by discussing features of consumption such as ... More


Liquidity in Retirement Savings Systems: An International Comparison

John Beshears, James J. Choi, Joshua Hurwitz, David Laibson, Brigitte C. Madrian, John Beshears, James J. Choi, Joshua Hurwitz, David Laibson, and Brigitte C. Madrian

in Insights in the Economics of Aging

Published in print:
2017
Published Online:
September 2017
ISBN:
9780226426679
eISBN:
9780226426709
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226426709.003.0003
Subject:
Economics and Finance, Public and Welfare

What is the socially optimal level of liquidity in a retirement savings system? Liquid retirement savings are desirable because liquidity enables agents to flexibly respond to preretirement events ... More


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