manage systematic mortality risks, namely self-insurance and risk transfer to purchasers of the annuity products. We … demonstrate that self-insurance leads to high loadings, so that households offered a choice would favor the risk transfer scheme …

special solutions are provided. It is shown that idiosyncratic mortality risk has significant impacts on the wage earner …, while systematic mortality risk only has significant impacts on the wage earner’s investment in the zero-coupon bond and the … longevity bond. Since systematic mortality risk can be hedged by trading the longevity bond, its impacts on consumption …

home. Our findings indicate that a trend toward marrying later and the increase in household earnings risk that occurred … ; first-time home-buyers ; marriage ; income risk …

Germany. The analysis distinguishes four types of career interruptions: unemployment, parental leave for female workers …