Optimal annuitization, uncertain survival probabilities, and maxmin preferences |
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Authors: | Hippolyte d’Albis Emmanuel Thibault |
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Institution: | a Paris School of Economics, University Paris 1, Franceb Toulouse School of Economics (University of Perpignan, CDED, and IDEI), France |
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Abstract: | We consider a life-cycle model with bequest motives, and assume that the individual does not know his/her survival probability and has maxmin utility preferences; we show that it is optimal not to annuitize but to purchase pure life insurance policies instead. |
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Keywords: | D11 D81 G11 G22 |
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