This paper suggests a new explanation for the low level of annuitization, which is valid even if one assumes perfect markets. We show that, as soon there is a positive bequest motive, sufficiently risk averse individuals should not purchase annuities. A model calibration accounting for lifetime...

[ger] Kann man sich zur Alterssicherung auf seine Kinder verlassen? Das Beispiel Malaysias, . von Antoine Bommier.. . In einer Zeit der raschen demographischen und wirtschaftlichen Entwicklung ist es für die Ausarbeitung angemessener sozioökonomischer Politiken wichtig, daß man die...

[eng] The Welfare State is generally thought to transfer resources from young and future generations to old ones. This opinion, however, is based on a narrow view of the transfer system that focuses on pensions and elderly-care programs. Our paper shows that taking downward educational transfers...

This paper studies the problem of redistribution between individuals having different mortality rates. We use a continuous time model in which there are two types of individuals characterized by different survival probability paths. Individual preferences are represented by a generalized...

We consider a formal approach to comparative risk aversion and apply it to intertemporal choice models. This allows us to ask whether standard classes of utility functions, such as those inspired by Kihlstrom and Mirman (1974) [16], Selden (1978) [27], Epstein and Zin (1989) [10] and Quiggin...

[fre] Nous estimons, à partir de données administratives françaises , l’Échantillon Interrégimes des Retraités, la mortalité différentielle entre 1997 et 2001 de générations nées entre 1906 et 1930 selon le montant des pensions de retraite. La mortalité différentielle est...

A number of empirical studies seem to reject the additive separability of preferences that is assumed in most theoretical models of the life cycle. We show that, when additive separability is abandoned and interactions between consumptions at different dates are taken into account, an...