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Optimal annuitization, uncertain survival probabilities, and maxmin preferences
Authors:Hippolyte d’Albis  Emmanuel Thibault
Institution:
  • a Paris School of Economics, University Paris 1, France
  • b Toulouse School of Economics (University of Perpignan, CDED, and IDEI), France
  • 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.
    Keywords:D11  D81  G11  G22
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