Annuities for an Ageing World

This paper was prepared for presentation at the June 2002 Conference entitled “Developing an Annuity Market inEurope”, sponsored by the Center for Research on Pensions and Welfare Policies, University of Turin, Italy. Theresearch was supported in part by the Pension Research Council at the Wharton School, the National Bureau ofEconomic Research, and the Economic and Social Research Institute of Japan. This paper was written in part duringDr. Mitchell’s time as the Metzler Visiting Professor to the Johann Wolfgang Goethe Universitat, Lehrstuhl furInvestment, Portfolio Management und Alterssicherung. Opinions and errors are solely those of the authors and notof the institutions with whom they are affiliated.© 2002 Mitchell and McCarthy. All Rights Reserved. Smallsegments of text may be used with attribution.