Cognitive Constraints on Valuing Annuities
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We show that people have difficulty valuing annuities, and this, instead of a preference for lumpsums, helps explain observed low annuity demand. Although the median price at which people are willing to sell an annuity stream is close to the actuarial value, many responses diverge greatly from
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美国国家经济研究局创建时间：
2013-06-01
