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Working Papers

2018Jan
Data graphs

Michael Sherris, Yajing Xu and Jonathan Ziveyi

Multi-country risk management of longevity risk provides new opportunities to hedge mortality and interest rate risks in guaranteed lifetime income streams. This requires consideration of both interest rate and mortality risks in multiple countries. For this purpose, we develop value-based longevity indexes for multiple cohorts in two different countries that take into account the major sources of risks impacting life insurance portfolios, mortality and interest rates.

2017Dec
Cepar - Retirement Decisions

Susan Thorp, Hazel Bateman, Isabella Dobrescu, Ben R. Newell, and Andreas Ortmann

Simplified disclosures can make comparisons between complex financial products easier, and increase consumer expertise. We use incentivized experiments to investigate whether and to what extent simpler information on fees and investment returns assists retirement plan members to make competent choices.

 

2017Dec
Woman offering aged care support

Jennifer Alonso-García, Hazel Bateman, Johan Bonekamp, and Ralph Stevens

Implied endorsement is considered, together with inertia, as an explanation for the stickiness of defaults. This paper explores whether implied endorsement can serve as an explanation for the stickiness of defaults in the retirement decumulation phase.

2017Dec
Elderly couple researching pension options

Jennifer Alonso-García, Hazel Bateman, Johan Bonekamp, Arthur van Soest and Ralph Stevens

Using an online experimental survey, we investigate the importance of rational and psychological motives for saving in retirement for soon to be retired individuals.

2017Dec
Researchers examining data online

Robert Holzmann, Jennifer Alonso-García, Heloise Labit-Hardy, and Andrés M. Villegas

This paper explores five key mechanisms of compensation: individualized annuities; individualized contribution rates/account allocations; a two-tier contribution structure with socialized and individual rate structure; and two supplementary approaches under the two-tier approach to deal with the income distribution tails, and the distortions above a ceiling and below a floor.

2017Oct
Colleagues discussing ageing research

Ermanno Pitacco

These Lecture Notes aim at introducing technical and financial aspects of the life annuity products, with a special emphasis on the actuarial valuation of life annuity benefits. 

2017Sep
Aged care support

Elena Capatina, Michael Keane, and Shiko Maruyama

In the US healthcare system, patients of different socio-economic status (SES) often receive disparate treatment for similar conditions. Prior work documents this phenomenon for particular treatments/conditions, but we take a system-wide view and examine socio-economic disparities in spending for all medical conditions at the 3-digit ICD-9 level. 

2017Sep
Elderly couple enjoying life

Bei Lu, John Piggott, and Bingwen Zheng

This paper discusses the potential expansion of the role of the Notional Defined Contribution paradigm in the ongoing reforms of retirement provision in China. China has remarkably high nominal retirement coverage of its population. At the same time, however, issues of sustainability, equity and governance are challenging and real.

2017Sep
Financial prosperity

Chung Tran and Sebastian Wender

We quantify marginal excess buden, defined as the change in deadweight loss for an addional dollar of tax revenue, for different taxes.