Why Don't People Insure Late Life Consumption: A Framing Explanation of the Under-Annuitization Puzzle
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Rational models of risk-averse consumers have difficulty explaining limited annuity demand. We posit that consumers evaluate annuity products using a narrow "investment frame" that focuses on risk and return, rather than a "consumption frame" that considers the consequences for lifelong consumption.
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美国国家经济研究局创建时间：
2008-01-01
