Price Efficiency in the Dutch Annuity Market

E. Cannon, Ralph Stevens, Ian Tonks
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引用次数: 17

Abstract

We provide the first analysis of annuity rates in the Netherlands for the period 2001-2012. During this period, the number of annuity providers was high and stable and we find that falls in annuity rates can be explained entirely by changes in yields and life expectancy. We show that annuitants could have increased their annuity income by about 5%, by shopping around and purchasing their annuities from alternative providers. Money’s worth calculations show that the market is efficient by international standards, with a money’s worth above 0.9 for the whole period and close to unity by the end of the period. We present conflicting evidence on the existence of adverse selection because although we find money’s worths are inversely related to age of purchase, we find they are positively related to size of purchase.
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荷兰年金市场的价格效率
我们首次对2001-2012年期间荷兰的年金利率进行了分析。在此期间,年金提供者的数量高且稳定,我们发现年金利率的下降完全可以用收益率和预期寿命的变化来解释。我们的研究表明,通过货比三家,从其他供应商那里购买年金,养老金领取者可以将他们的年金收入增加约5%。货币价值的计算表明,按照国际标准,市场是有效的,整个时期的货币价值都在0.9以上,到时期结束时接近于1。关于逆向选择的存在,我们提出了相互矛盾的证据,因为尽管我们发现金钱的价值与购买年龄呈负相关,但我们发现它们与购买规模呈正相关。
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