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2013
- handle: 10670/1.jubq3a
- hal: hal-04141183
info:eu-repo/semantics/OpenAccess
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annuity, overlapping generation modelSujets proches
Contract law Contracts--Law and legislation Contractual limitations Limitations, Contractual AgreementsCiter ce document
d'Albis Hippolyte et al., « Illiquid Life Annuities », HAL-SHS : économie et finance, ID : 10670/1.jubq3a
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Résumé
In this article, we consider illiquid life annuity contracts and show that they may be preferred to Yaari (1965)'s liquid contracts. In an overlapping-generation economy, liquid life annuities are demanded only if the equilibrium is dynamically inefficient. Alternatively, an equilibrium displaying a positive demand for illiquid life annuities is efficient. In this latter case, the welfare at steady-state is larger if illiquid life annuity contracts are available.