From insurance to investments: financialisation and the supply side of life insurance and annuities in the USA (1970–2006)
in Cambridge Journal of Regions, Economy and Society
November 2013; p ublished online October 2013 .
Journal Article. Subjects: Household Behaviour and Family Economics; History of Financial Markets and Institutions; Economics; Insurance. 8988 words.
The paper describes the supply side of the annuity products and hybrid investment/life insurance policies that were developed and sold by US life insurers from the 1970s onward, including...
in The Review of Financial Studies
August 2012; p ublished online April 2012 .
Journal Article. Subjects: National Government Expenditures and Related Policies; Household Behaviour and Family Economics; Economics; Insurance. 16734 words.
Because life annuities can increase the level and decrease the volatility of lifetime consumption, economists have long been puzzled by the low demand for life annuities. One potential...
Revisiting the Risk-Neutral Approach to Optimal Policyholder Behavior: A Study of Withdrawal Guarantees in Variable Annuities
in Review of Finance
March 2016; p ublished online May 2015 .
Journal Article. Subjects: Insurance; Household Behaviour and Family Economics; Mathematical Methods; Programming Methods; Mathematical and Simulation Modelling. 15217 words.
Policyholder exercise behavior presents an important risk factor for pricing Variable Annuities. However, approaches presented in the literature—building on value-maximizing strategies akin...