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dc.contributor.authorKifmann, Mathiasen
dc.date.accessioned2008-02-20-
dc.date.accessioned2009-07-28T08:29:39Z-
dc.date.available2009-07-28T08:29:39Z-
dc.date.issued2008-
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
dc.language.isoengen
dc.publisher|aCenter for Economic Studies and ifo Institute (CESifo) |cMunichen
dc.relation.ispartofseries|aCESifo Working Paper |x2211en
dc.subject.jelG23en
dc.subject.jelH55en
dc.subject.jelD82en
dc.subject.ddc330en
dc.subject.keywordpensionsen
dc.subject.keywordlump-sum withdrawalen
dc.subject.keywordannuitiesen
dc.subject.keywordlongevityen
dc.subject.stwAlterssicherungen
dc.subject.stwSterblichkeiten
dc.subject.stwKapitalertragen
dc.subject.stwPortfolio-Managementen
dc.subject.stwEntscheidung bei Unsicherheiten
dc.subject.stwZeitpräferenzen
dc.subject.stwTheorieen
dc.titleThe design of pension pay out options when the health status during retirement is uncertain-
dc.typeWorking Paperen
dc.identifier.ppn558658547en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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