The City Economic Seminar organized by EUSP, HSE, and POMI continues its work online. On December 17 at 6 PM (Moscow time), Andrei Kalk from the University of Vienna will be talking about why do we postpone annuity purchases.
Abstract: This paper seeks to explain why annuity purchases are postponed to a later age. We consider an overlapping generations model with an uncertain lifetime and two types of annuities. It is shown that, if the economy is dynamically inefficient, individuals demand annuities without delay. However, if it is efficient, annuity purchases are postponed. We also show that these results are robust to several extensions.
The seminar will be held via Zoom application. To receive access, please send a request to email@example.com (please indicate your full name and occupation/place of study). Also, indicate your full name when entering Zoom. The number of participants is limited (100 people), join the seminar in 3–5 minutes.