Annuity Markets by Edmund CannonAnnuity Markets by Edmund Cannon

Annuity Markets

byEdmund Cannon, Ian Tonks

Hardcover | October 25, 2008

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The Pension Crisis concerns the changing demographic profile of more elderly and fewer young people in the economy. Understanding and tackling this impending crisis is a key task for public policy. An annuity protects an individual from outliving their savings, and is central to pensionspolicy. This book examines the different types of annuities available, how these annuities are priced, the history of annuities, how annuities markets function: how they work, and are they efficient. It provides an international comparison of annuity markets, and examines recent developments inannuity markets.Governments around the world are shifting their pension policies away from pay-as-you-go systems towards individual savings schemes. These savings need to be converted into a pension at retirement, and annuity markets provide this function. This book is a comprehensive study of annuity markets. Thebook starts by outlining the context of public policy towards pensions policy. It then explains the different types of annuities available, focusing on the US and UK, and how these annuities are priced, examining pricing and reserving methods from an actuarial perspective and also describingmortality measurement. The next two chapters describe the history of annuities, and the experience of annuity markets in countries other than the UK and US. The book then outlines the theory behind annuites, and explains how annuities insure consumers against longevity risks. The next chapterdescribes how annuities markets function: how they work, and whether they are efficient, leading onto a discussion of the annuity puzzle. The book concludes by discussing recent developments in annuity markets.
Dr Edmund Cannon is a Senior Lecturer in Economics at the University of Bristol. His research includes work on pension economics; the effect of demographic change on the macroeconomy; endogenous growth theory; and the role of financial markets and transport in economic development. He has published in leading economics and economic ...
Title:Annuity MarketsFormat:HardcoverDimensions:200 pages, 9.21 × 6.14 × 0.87 inPublished:October 25, 2008Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199216991

ISBN - 13:9780199216994

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Table of Contents

1. Introduction2. Annuity Market Products3. Pricing Annuity Products4. Annuity Markets around the World5. History of Annuity Markets6. Economic Theory of Annuities7. Evidence on Selection Effects in Annuity Markets8. The Annuity Puzzle9. Supply of Annuities and Regulation of Annuity Providers10. Annuity Policies and Conclusions