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dc.contributor.authorKifmann, Mathiasen_US
dc.date.accessioned2008-02-20en_US
dc.date.accessioned2009-07-28T08:29:39Z-
dc.date.available2009-07-28T08:29:39Z-
dc.date.issued2008en_US
dc.identifier.urihttp://hdl.handle.net/10419/26256-
dc.description.abstractThis paper examines the optimal design of pension plans when the health status during retirement is uncertain. Assuming that the health status affects both life expectancy and the marginal utility of consumption, choice between a lump-sum payment and an annuity can be welfare-enhancing if the health status is not observable by pension plans. This result holds if the marginal utility of consumption and life expectancy are negatively correlated. On equity grounds, a lump-sum option can be justified even if the marginal utility of consumption is independent of life expectancy.en_US
dc.language.isoengen_US
dc.publisherCESifo Münchenen_US
dc.relation.ispartofseriesCESifo working paper 2211en_US
dc.subject.jelG23en_US
dc.subject.jelH55en_US
dc.subject.jelD82en_US
dc.subject.ddc330en_US
dc.subject.keywordpensionsen_US
dc.subject.keywordlump-sum withdrawalen_US
dc.subject.keywordannuitiesen_US
dc.subject.keywordlongevityen_US
dc.subject.stwAlterssicherungen_US
dc.subject.stwSterblichkeiten_US
dc.subject.stwKapitalertragen_US
dc.subject.stwPortfolio-Managementen_US
dc.subject.stwEntscheidung bei Unsicherheiten_US
dc.subject.stwZeitpräferenzen_US
dc.subject.stwTheorieen_US
dc.titleThe design of pension pay out options when the health status during retirement is uncertainen_US
dc.typeWorking Paperen_US
dc.identifier.ppn558658547en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:CESifo Working Papers, CESifo Group Munich

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