强制性养老金储蓄和年金的保险价值

IF 1.8 4区经济学 Q2 ECONOMICS

Economics Letters Pub Date : 2025-09-11 DOI:10.1016/j.econlet.2025.112574

Torben M. Andersen

{"title":"强制性养老金储蓄和年金的保险价值","authors":"Torben M. Andersen","doi":"10.1016/j.econlet.2025.112574","DOIUrl":null,"url":null,"abstract":"<div><div>Mandated pension schemes not only address the problem of undersaving but also typically offer annuities for the decumulation phase. These annuities perform a market maker function when, due to market failures, annuities are either unavailable or priced far from the actuarially fair benchmark. These annuities are intramarginal to the individual, and their insurance value is shown to be determined by a simple metric: the net present value of the payment flow discounted at the return on standard saving vehicles. The marginal and average values are identical, and the ex-ante value of the annuity is independent of individual preferences and survival probabilities.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"256 ","pages":"Article 112574"},"PeriodicalIF":1.8000,"publicationDate":"2025-09-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Mandatory pension savings and the insurance value of annuities\",\"authors\":\"Torben M. Andersen\",\"doi\":\"10.1016/j.econlet.2025.112574\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>Mandated pension schemes not only address the problem of undersaving but also typically offer annuities for the decumulation phase. These annuities perform a market maker function when, due to market failures, annuities are either unavailable or priced far from the actuarially fair benchmark. These annuities are intramarginal to the individual, and their insurance value is shown to be determined by a simple metric: the net present value of the payment flow discounted at the return on standard saving vehicles. The marginal and average values are identical, and the ex-ante value of the annuity is independent of individual preferences and survival probabilities.</div></div>\",\"PeriodicalId\":11468,\"journal\":{\"name\":\"Economics Letters\",\"volume\":\"256 \",\"pages\":\"Article 112574\"},\"PeriodicalIF\":1.8000,\"publicationDate\":\"2025-09-11\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Economics Letters\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S0165176525004112\",\"RegionNum\":4,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"ECONOMICS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Economics Letters","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0165176525004112","RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"ECONOMICS","Score":null,"Total":0}

引用次数: 0

摘要

强制性养老金计划不仅解决了储蓄不足的问题，而且通常还为累积阶段提供年金。当由于市场失灵，年金要么无法获得，要么定价远低于精算公平基准时，这些年金就会发挥做市商的作用。这些年金对个人来说是边际内的，它们的保险价值是由一个简单的指标决定的：支付流的净现值在标准储蓄工具的回报上贴现。边际值和平均值是相同的，并且年金的事前值独立于个人偏好和生存概率。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

Mandatory pension savings and the insurance value of annuities

Mandated pension schemes not only address the problem of undersaving but also typically offer annuities for the decumulation phase. These annuities perform a market maker function when, due to market failures, annuities are either unavailable or priced far from the actuarially fair benchmark. These annuities are intramarginal to the individual, and their insurance value is shown to be determined by a simple metric: the net present value of the payment flow discounted at the return on standard saving vehicles. The marginal and average values are identical, and the ex-ante value of the annuity is independent of individual preferences and survival probabilities.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Economics Letters ECONOMICS-

CiteScore

3.20

自引率

5.00%

发文量

348

审稿时长

30 days

期刊介绍： Many economists today are concerned by the proliferation of journals and the concomitant labyrinth of research to be conquered in order to reach the specific information they require. To combat this tendency, Economics Letters has been conceived and designed outside the realm of the traditional economics journal. As a Letters Journal, it consists of concise communications (letters) that provide a means of rapid and efficient dissemination of new results, models and methods in all fields of economic research.