The “annuity puzzle” refers to the fact that annuities are rarely purchased despite the
longevity insurance they provide. Most explanations for this puzzle assume that individuals …

Annuities, long-term care insurance and reverse mortgages remain unpopular to manage
longevity, medical and housing price risks after retirement. We analyze low demand using a …

Few retirees use reverse mortgages. In this paper, we investigate how financial literacy and
prior knowledge of the product influence take-up by conducting a stated-preference …

In this paper, we conduct a field experiment with a large sample of financial planner
professionals in Canada to elicit factors which may influence client recommendations. Using …

Aging societies need efficient and flexible systems to finance care for the frail elderly. We
study pre‐retirees' demand for flexible insurance that can finance informal long‐term care by …

This paper provides empirical evidence that loss aversion decreases insurance demand
and increases savings demand using individual-level data on the US elderly. Specifically …

Refundable income annuities (IA), such as cash-refund and instalment-refund, differ in
material ways from the life-only version beloved by economists. In addition to lifetime income …

In a life-cycle model with a bequest motive, we study the impact of smooth ambiguity
aversion to uncertain survival probabilities on the optimal demand for annuities. We …

In this paper, we conduct an experiment with a large sample of financial planner
professionals in Canada to elicit factors which may influence client recommendations. Using …

Evidence from panel surveys of households, collected over several years and in different
countries, shows that people's perception about their remaining lifetime deviates from …