Framing Lifetime Income

Medientyp: E-Book

Titel: Framing Lifetime Income

Beteiligte: Brown, Jeffrey R. [Verfasser:in]; Kling, Jeffrey R. [Sonstige Person, Familie und Körperschaft]; Wrobel, Marian V. [Sonstige Person, Familie und Körperschaft]; Mullainathan, Sendhil [Sonstige Person, Familie und Körperschaft]

Körperschaft: National Bureau of Economic Research

Erschienen: Cambridge, Mass: National Bureau of Economic Research, May 2013

Umfang: 1 Online-Ressource

Sprache: Englisch

DOI: 10.3386/w19063

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Reproduktionsnotiz: Hardcopy version available to institutional subscribers

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Anmerkungen: Mode of access: World Wide Web
System requirements: Adobe [Acrobat] Reader required for PDF files

Beschreibung: We provide evidence that individuals optimize imperfectly when making annuity decisions, and this result is not driven by loss aversion. Life annuities are more attractive when presented in a consumption frame than in an investment frame. Highlighting the purchase price in the consumption frame does not alter this result. The level of habitual spending has little interaction with preferences for annuities in the consumption frame. In an investment frame, consumers prefer annuities with principal guarantees; this result is similar for guarantee amounts below, at, and above the purchase price. We discuss implications for the retirement services industry and its regulators

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