年金的经济理论 The Economic Theory of Annuities

基本信息

Format：Hardback | 184 pages

Dimensions: 152 x 235 x 19.3mm | 595g

Publication date: 11 Nov 2007

Publisher：Princeton University Press

Imprint: Princeton University Press

ISBN: 9780691133058

页面参数仅供参考，具体以实物为准

内容简介

年金是一种金融产品，只要持有人还活着，就能保证其获得固定的回报，从而为终身的不确定性提供保险。这些合同的条款取决于保险公司所能获得的信息。与年龄和性别不同，关于个人生存概率的信息不能轻易确定。这种不对称的信息导致了市场的低效率，例如逆向选择。年金的经济理论》在范围上具有突破性，它为读者提供了对私人年金市场运作的理论分析。Eytan Sheshinski从生存函数的一般分析、随机支配和长寿变化的特征开始，利用个人共同选择其终生消费和退休年龄的模型得出了对年金的需求。研究了人寿保险和具有遗赠选择权的年金之间的关系，并提出了 "年金选择权 "作为对缺乏二级市场的回应。本书还研究了年金和长寿的变化对总储蓄的宏观经济政策影响。

谢辛斯基利用统计人口理论，阐明了亚洲和其他国家储蓄和增长的激增是否可以归因于人口寿命的提高，以及这种激增是否持久的辩论。本书表明，当那些努力应对公共社会保障体系破产的政府更加重视个人储蓄账户时，对年金的理解变得至关重要。

Annuities are financial products that guarantee the holder a fixed return so long as the holder remains alive, thereby providing insurance against lifetime uncertainty. The terms of these contracts depend on the information available to insurance firms. Unlike age and gender, information about individual survival probabilities cannot be readily ascertained. This asymmetric information causes market inefficiencies, such as adverse selection. Groundbreaking in its scope, The Economic Theory of Annuities offers readers a theoretical analysis of the functioning of private annuity markets. Starting with a general analysis of survival functions, stochastic dominance, and characterization of changes in longevity, Eytan Sheshinski derives the demand for annuities using a model of individuals who jointly choose their lifetime consumption and retirement age. The relation between life insurance and annuities that have a bequest option is examined and "annuity options" are proposed as a response to the lack of secondary markets. This book also investigates the macroeconomic policy implications of annuities and changes in longevity on aggregate savings.

Sheshinski utilizes statistical population theory to shed light on the debate of whether the surge in savings and growth in Asia and other countries can be attributed to higher longevity of the population and whether this surge is durable. This book shows how understanding annuities becomes essential as governments that grapple with insolvency of public social security systems place greater emphasis on individual savings accounts.

作者简介

Eytan Sheshinski是希伯来大学公共财政的Isaac Wolfson爵士教授。他是《创业、创新和自由企业经济的增长机制》（普林斯顿）和《Z佳定价、通货膨胀和价格调整的成本》的共同编辑。

Eytan Sheshinski is the Sir Isaac Wolfson Professor of Public Finance at Hebrew University. He is the coeditor of "Entrepreneurship, Innovation, and the Growth Mechanism of the Free-Enterprise Economies" (Princeton) and "Optimal Pricing, Inflation, and the Cost of Price Adjustment".