Individual lifetime uncertainty, annuity market and the central provident fund

Hoon Hian Teck and Ng Lai Yee

The authors extend a two-period overlapping generation model of Hoon (1991) to incorporate uncertain lifetime models put forth by M. Yaari (1965) and A. Abel (1985). Within this framework, Hoon and Ng show that because CPF (Central Provident Fund) members of Singapore, through a system of nomination of beneficiaries, are able to bequeath their wealth to family members should they not live through their retirement years, CPF saving provides exactly the same risk characteristics as private voluntary saving. (DÜI-Sen)

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Year of publication:	1996
Authors:	Hoon, Hian Teck
Other Persons:	Yee, Ng Lai (contributor) ; Ng, Lai Yee (contributor)
Published in:	The Singapore economic review : journal of the Economic Society of Singapore and the Department of Economics, National University of Singapore. - Hackensack, NJ [u.a.] : World Scientific, ISSN 0217-5908, ZDB-ID 231534-8. - Vol. 41.1996, 2, p. 41-52
Subject:	Lebenseinkommen \| Lifetime income \| Sparen \| Savings \| Konsum \| Consumption \| Pensionskasse \| Pension fund \| Risiko \| Risk \| Kleine offene Volkswirtschaft \| Small open economy \| Theorie \| Theory \| Singapur \| Singapore

Type of publication:	Article
Type of publication (narrower categories):	Aufsatz in Zeitschrift ; Article in journal
Language:	English
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10015161826