We investigate whether heterogeneity can explain the differences in mortality between the United States and a more homogeneous country, i.e. Japan. The background of the analysis is the growing gap between life-expectancy in the United States and the world record leader since the 1980s. This...

This chapter documents the substantial decline in traditional sources of longevity insurance, and shows that published statistics on the individual annuity market greatly overstate its size and growth. It considers whether the decline in annuitization rates is cause for concern. It then...

Households that delay claiming Social Security are, in effect, making additional purchases of the Social Security annuity. Theoretical calculations show the delayed claiming is optimal, even for high mortality households. Yet most claim well before the theoretically optimal age. This paper...