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    題名: On the Failure (Success) of the Markets for Longevity Risk Transfer
    作者: MacMinn, Richard
    Brockett, Patrick
    貢獻者: 風險與保險研究中心
    關鍵詞: Annuity;Financial Market;Hazard;Investment;Moral Hazard;Pension;Pension Fund
    日期: 2017-04
    上傳時間: 2017-08-30 15:29:26 (UTC+8)
    摘要: Longevity risk is the chance that people will live longer than expected. That potential increase in life expectancy exposes insurers and pension funds to the risk of not having sufficient funds to pay a longer stream of annuity benefits than promised. Longevity bonds and forwards provide insurers and pension funds with financial market instruments designed to hedge the longevity risk that these organization face. The European Investment Bank and World Bank have both discussed longevity bond issues, but those issues have failed due to insufficient demand. Forward contracts have also been created, but that market remains dormant. The extant literature suggests that these failures may be due to design or pricing problems. In this article the analysis shows that the market failure is instead due to a moral hazard problem.
    關聯: Journal of Risk and Insurance, Special Edition, Vol. 84, 299-317
    資料類型: article
    DOI 連結: http://dx.doi.org/10.1111/jori.12205
    DOI: 10.1111/jori.12205
    顯示於類別:[風險管理與保險學系] 期刊論文

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