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Journal Articles Journal of Public Economic Theory Year : 2018

Illiquid Life Annuities

Johanna Etner
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In this paper, we consider illiquid life annuity contracts and show that they may be preferred to those illustrated by Yaari. In an overlapping generations economy, liquid life annuities are demanded only if the equilibrium is dynamically inefficient. However, an equilibrium displaying a positive demand for illiquid life annuities is indeed efficient. In this latter case, the welfare at steady state is larger if illiquid life annuity contracts are available.
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Dates and versions

hal-01386063 , version 1 (22-10-2016)


  • HAL Id : hal-01386063 , version 1


Hippolyte d'Albis, Johanna Etner. Illiquid Life Annuities. Journal of Public Economic Theory, 2018, 20 (2), pp.277-297. ⟨hal-01386063⟩
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