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http://hdl.handle.net/10419/19106
  

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dc.contributor.authorBrunner, Johann K.en_US
dc.contributor.authorPech, Susanneen_US
dc.date.accessioned2009-01-28T15:55:05Z-
dc.date.available2009-01-28T15:55:05Z-
dc.date.issued2006en_US
dc.identifier.urihttp://hdl.handle.net/10419/19106-
dc.description.abstractThe market for private life annuities is characterised by adverse selection, that is, contracts offer lower than fair payoffs to individuals with low life expectancy. Moreover, life expectancy and income have been found to be positively correlated. The paper shows that a linear tax on annuity payoffs, which raises more revenues from long-living individuals than from short-living, represents an appropriate instrument for redistribution, in addition to an optimally designed labour income tax. Further, we find that a nonlinear tax on annuity payoffs can be directly employed to correct the distortion of the rate of return caused by asymmetric information. These results are contrasted with theoretical findings concerning the role of a tax on capital income.en_US
dc.language.isoengen_US
dc.publisheren_US
dc.relation.ispartofseriesCESifo working papers 1642en_US
dc.subject.jelG2en_US
dc.subject.jelH2en_US
dc.subject.ddc330en_US
dc.subject.keywordoptimum taxationen_US
dc.subject.keywordlife annuitiesen_US
dc.subject.keywordadverse selectionen_US
dc.subject.stwOptimale Besteuerungen_US
dc.subject.stwLeibrenteen_US
dc.subject.stwKapitalertragsteueren_US
dc.subject.stwAdverse Selectionen_US
dc.titleOptimum taxation of life annuitiesen_US
dc.typeWorking Paperen_US
dc.identifier.ppn510010040en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:CESifo Working Papers, CESifo Group Munich

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