Optimal Annuitization with Stochastic Mortality Probabilities
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The conventional wisdom dating back to Yaari (1965) is that households without a bequest motive should fully annuitize their investments. Numerous market frictions do not break this sharp result. We modify the Yaari framework by allowing a household's mortality risk itself to be stochastic.
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美国国家经济研究局创建时间：
2013-07-01
