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      <record key="001" att1="001" value="183647" att2="183647">001   183647</record>
      <field key="037" subkey="x">englisch</field>
      <field key="050" subkey="x">Forschungsbericht</field>
      <field key="076" subkey="">Ökonomie</field>
      <field key="079" subkey="y">http://www.ihs.ac.at/publications/eco/es-268.pdf</field>
      <field key="079" subkey="z">Heijdra, Ben J. - et al., The Tragedy of Annuitization (pdf)</field>
      <field key="079" subkey="y">http://ideas.repec.org/p/ihs/ihsesp/268.html</field>
      <field key="079" subkey="z">Institute for Advanced Studies. Economics Series; 268 (RePEc)</field>
      <field key="100" subkey="">Heijdra, Ben J.</field>
      <field key="103" subkey="">Faculty of Economics and Business, University of Groningen, The Netherlands, and Institute for Advanced Studies, CESifo, Netspar</field>
      <field key="104" subkey="a">Mierau, Jochen O.</field>
      <field key="107" subkey="">Faculty of Economics and Business, University of Groningen, The Netherlands</field>
      <field key="108" subkey="a">Reijnders, Laurie S.M.</field>
      <field key="111" subkey="">Faculty of Economics and Business, University of Groningen, The Netherlands</field>
      <field key="331" subkey="">The Tragedy of Annuitization</field>
      <field key="403" subkey="">1. Ed.</field>
      <field key="410" subkey="">Wien</field>
      <field key="412" subkey="">Institut für Höhere Studien</field>
      <field key="425" subkey="">2011, May</field>
      <field key="433" subkey="">45 pp.</field>
      <field key="451" subkey="">Institut für Höhere Studien; Reihe Ökonomie; 268</field>
      <field key="451" subkey="h">Kunst, Robert M. (Ed.) ; Fisher, Walter (Assoc. Ed.) ; Ritzberger, Klaus (Assoc. Ed.)</field>
      <field key="461" subkey="">Economics Series</field>
      <field key="517" subkey="c">from the Table of Contents: Introduction; The Model; The exogenous growth model; Tragedy of annuitization; The endogenous growth</field>
      <field key="mod" subkey="e">l; Conclusion;</field>
      <field key="542" subkey="">1605-7996</field>
      <field key="544" subkey="">IHSES 268</field>
      <field key="700" subkey="">D52</field>
      <field key="700" subkey="">D91</field>
      <field key="700" subkey="">E10</field>
      <field key="700" subkey="">J20</field>
      <field key="720" subkey="">Longevity risk</field>
      <field key="720" subkey="">Risk sharing</field>
      <field key="720" subkey="">Overlapping generations</field>
      <field key="720" subkey="">Intergenerational transfers</field>
      <field key="720" subkey="">Annuity markets</field>
      <field key="753" subkey="">Abstract: We construct a tractable discrete-time overlapping generations model of a closed economy and use it to study government</field>
      <field key="red" subkey="i">stribution of accidental bequests and private annuities in general equilibrium. Individuals face longevity risk as there is a</field>
      <field key="pos" subkey="i">tive probability of passing away before the retirement period. We find non-pathological cases where it is better for longrun</field>
      <field key="wel" subkey="f">are to waste accidental bequests than to give them to the elderly. Next we study the introduction of a perfectly competitive</field>
      <field key="lif" subkey="e">insurance market offering actuarially fair annuities. There exists a tragedy of annuitization: although full annuitization</field>
      <field key="of" subkey="a">ssets is privately optimal it is not socially beneficial due to adverse general equilibrium repercussions.;</field>
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