Please use this identifier to cite or link to this item: http://scholarbank.nus.edu.sg/handle/10635/16887
Title: Annuity savings, non-annuity savings, health investment and bequests with or without private information.
Authors: ZHOU XIAOQING
Keywords: Annuities,health investment,bequests,information
Issue Date: 17-Jul-2009
Source: ZHOU XIAOQING (2009-07-17). Annuity savings, non-annuity savings, health investment and bequests with or without private information.. ScholarBank@NUS Repository.
Abstract: In this paper, we consider the optimal decisions of altruistic individuals on consumption, annuity savings, non-annuity savings, bequests and health investment when they are given any contract. <br> We also examine the annuity return and quantity offered by firms in the presence of full-information and private information.Four cases are further studied with endogenous survival rates,full-information, moral hazard, adverse selection and a mixture of moral hazard and adverse selection.<br> We find that in a full-information case (the first best case), the amount of intentional bequests is equal to the accidental bequests. In a pure moral hazard case, the consumption path is strictly distorted; while in a pure adverse selection case, only people with low survival rates whose consumption paths are distorted due to the externality of those with high survival rates. In the presence of both problems, the decisions of people with high survival rates are distorted the same way as in a pure moral hazard case while the decisions of people with low survival rates are further distorted due to the externality generated by those with high survival rates.
URI: http://scholarbank.nus.edu.sg/handle/10635/16887
Appears in Collections:Master's Theses (Open)

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