资源描述：
《Financial Literacy Center金融素养中心》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。
1、FinancialLiteracyCenterWORKINGPAPERDoConsumersKnowHowtoValueAnnuities?ComplexityasaBarriertoAnnuitizationJEFFREYR.BROWN,ARIEKAPTEYN,ERZOF.P.LUTTMERANDOLIVIAS.MITCHELLWR-924-SSASeptember2011PreparedfortheSocialSecurityAdministrationThisproductispartofadeliverabletot
2、heSocialSecurityAdministrationFinancialLiteracyResearchConsortium,GrantNo.5FLR09010202.WorkingpapershavebeenapprovedforcirculationbyRANDLaborandPopulationbuthavenotbeenformallyeditedorpeerreviewed.Draft–donotcitewithoutpermissionofauthorsDoConsumersKnowHowtoValueAn
3、nuities?ComplexityasaBarriertoAnnuitizationJeffreyR.Brown,ArieKapteyn,ErzoF.PLuttmer,andOliviaS.MitchellSeptember21,2011TheresearchreportedhereinwasperformedpursuanttoagrantfromtheU.S.SocialSecurityAdministration(SSA)fundedaspartoftheFinancialLiteracyCenter.Theauth
4、orsalsoacknowledgesupportprovidedbythePensionResearchCouncilandBoettnerCenterattheWhartonSchooloftheUniversityofPennsylvania,andtheRANDCorporation.TheauthorsthankSeemonaRahmanandYongYuforresearchassistance,andTimColvin,TaniaGutsche,andBasWeermanfortheirinvaluableco
5、mmentsandassistanceontheproject.BrownisaTrusteeofTIAAandhasservedasaspeaker,authororconsultantforanumberoffinancialservicesorganizations,someofwhichsellannuitiesandotherretirementincomeproducts.MitchellisaTrusteeoftheWellsFargoAdvantageFunds.Theopinionsandconclusio
6、nsexpressedhereinaresolelythoseoftheauthorsanddonotrepresenttheopinionsorpolicyofSSA,anyagencyoftheFederalGovernment,oranyotherinstitutionwithwhichtheauthorsareaffiliated.©2011Brown,Kapteyn,LuttmerandMitchell.Allrightsreserved.1DoConsumersKnowHowtoValueAnnuities?Co
7、mplexityasaBarriertoAnnuitizationJeffreyR.Brown,ArieKapteyn,ErzoF.P.Luttmer,andOliviaS.MitchellAbstractThispapersuggeststhatmanypeoplefindtheannuitizationdecisioncomplex,andthatthiscomplexity,ratherthanatasteforlumpsums,mayexplainobservedlowlevelsofannuitypurchases
8、.Specifically,wefindthatconsumerstendtovalueannuitieslesswhengiventheopportunitytobuymore,butvaluethemmorehighlywhengiventheopportunitytosellannu
