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    Please use this identifier to cite or link to this item: http://nthur.lib.nthu.edu.tw/dspace/handle/987654321/62070


    Title: Government-Provided Annuities under Insolvency Risk
    Authors: Huang RJ;Tsai JT;Tzeng LY
    教師: 蔡子皓
    Date: 2008
    Publisher: Elsevier
    Relation: Insurance, mathematics & economics,Elsevier ,Volume: 43,Issue: 3,Pages: 377-385,DEC 2008
    Keywords: MORTALITY RISK
    SOCIAL-SECURITY
    TAX DEDUCTIONS
    INSURANCE
    MARKET
    REDISTRIBUTION
    ANNUITIZATION
    UNCERTAINTY
    WELFARE
    LOSSES
    Abstract: This paper seeks to determine whether governments should intervene in the private annuity market by directly providing public insurance if) the form of annuities when both the government and the insurance companies could default. It is found that, although the government Could default, intervening by means of an annuity Can improve social welfare if the insurance companies Could default and the expected return oil the public annuity is greater than the rate of return oil a risk-free bond. We also find that, under actuarially fair pricing, the government should provide more in terms of a public annuity than the optimal amount of the annuity that the individual purchases in the private market if the government is less likely to default Oil the public annuity than an insurance company Would in the case of a private annuity.
    URI: www.elsevier.com/
    http://nthur.lib.nthu.edu.tw/dspace/handle/987654321/62070
    Appears in Collections:[計量財務金融學系] 期刊論文

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