Abstract
Many countries emphasize gender equality and ban gender-based annuity pricing, leading to more heterogeneous health characteristics and market inefficiency. Governments may respond by offering deferred annuities when annuitants' health characteristics are more similar at an earlier age. The two combined policies benefit most female annuitants without adversely affecting too many male annuitants, contrasting to the well-known result that imposing gender-neutral pricing benefits all women but adversely affects all men, when only immediate annuities are available. Within each gender group, these two policy interventions benefit annuitants with average health, but may adversely affect those on either end.
| Original language | English |
|---|---|
| Article number | 104947 |
| Journal | Journal of Economic Dynamics and Control |
| Volume | 168 |
| Early online date | 30 Aug 2024 |
| DOIs | |
| Publication status | Published - Nov 2024 |
Bibliographical note
Publisher Copyright:© 2024 Elsevier B.V.
Funding
We thank two referees, Chang Sun, Jianrong Tian, Vai-Lam Mui, and participants of seminars and conferences at University of Hong Kong, Asian Meeting of the Econometric Society in China (2023), Australasian Meeting of the Econometric Society (2023), and Western Economic Association International Conference (2023) for helpful comments and suggestions.
Keywords
- Asymmetric information
- Deferred annuity
- Gender-neutral pricing
- Heterogeneous health
- Immediate annuity
