Age structured populations are studied in economics through overlapping generations models. These models allow for a realistic characterization of life-cycle behaviors and display intertemporal equilibrium that are not necessarily efficient. This article uses the latest developments in...

In this article, we challenge the common thought that a liquid annuity contract is optimal. We indeed show, in a standard neoclassical framework, that another contract, which actually resembles much more to the contracts that are proposed by most insurance companies, may be preferred by rational...