Imperial College London
Alternate

Alexander Michaelides

Business School

Professor of Finance
 
 
 
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Contact

 

a.michaelides Website CV

 
 
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Location

 

1.06B53 Prince's GateSouth Kensington Campus

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Summary

 

Publications

Citation

BibTex format

@article{Lopes:2007:10.1016/j.frl.2006.12.001,
author = {Lopes, P and Michaelides, A},
doi = {10.1016/j.frl.2006.12.001},
journal = {Finance Research Letters},
pages = {82--91},
title = {Rare events and annuity market participation},
url = {http://dx.doi.org/10.1016/j.frl.2006.12.001},
volume = {4},
year = {2007}
}
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RIS format (EndNote, RefMan)

TY  - JOUR
AB  - We investigate whether a rare event (like the default of the annuity provider) can explain the annuity market participation puzzle. High risk aversion is needed to change behavior in the presence of such a disastrous shock but higher risk aversion also makes annuities more valuable. Therefore, these rare events are unlikely candidates to explain the low take-up of voluntary annuities: the conclusion is robust to disentangling risk aversion from intertemporal substitution and to allowing portfolio investment in a stock market index. © 2007 Elsevier Inc. All rights reserved.
AU  - Lopes,P
AU  - Michaelides,A
DO  - 10.1016/j.frl.2006.12.001
EP  - 91
PY  - 2007///
SN  - 1544-6123
SP  - 82
TI  - Rare events and annuity market participation
T2  - Finance Research Letters
UR  - http://dx.doi.org/10.1016/j.frl.2006.12.001
VL  - 4
ER  -
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