{"title":"Wealth heterogeneity in a closed pooled annuity fund","authors":"Thomas Bernhardt, Ge Qu","doi":"10.1080/03461238.2023.2234916","DOIUrl":null,"url":null,"abstract":"The stability of income payments in a pooled annuity fund is studied. In those funds, members receive a fluctuating income depending on their experienced mortality in exchange for their pension savings. The focus is on describing the influence of different initial savings on the ability of the fund to provide a stable income in retirement. Because of this, members coincide in their characteristics except for their initial savings. We identify a term, which we dub ``implied number of homogeneous members'', that directly links the initial savings to the size of the income fluctuations. Our main contribution is the analysis of this term and the development of a criterion to answer the question of whether or not a given group of same-aged people should pool their funds together.","PeriodicalId":1,"journal":{"name":"Accounts of Chemical Research","volume":null,"pages":null},"PeriodicalIF":16.4000,"publicationDate":"2021-10-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"2","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Accounts of Chemical Research","FirstCategoryId":"96","ListUrlMain":"https://doi.org/10.1080/03461238.2023.2234916","RegionNum":1,"RegionCategory":"化学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"CHEMISTRY, MULTIDISCIPLINARY","Score":null,"Total":0}
引用次数: 2
Abstract
The stability of income payments in a pooled annuity fund is studied. In those funds, members receive a fluctuating income depending on their experienced mortality in exchange for their pension savings. The focus is on describing the influence of different initial savings on the ability of the fund to provide a stable income in retirement. Because of this, members coincide in their characteristics except for their initial savings. We identify a term, which we dub ``implied number of homogeneous members'', that directly links the initial savings to the size of the income fluctuations. Our main contribution is the analysis of this term and the development of a criterion to answer the question of whether or not a given group of same-aged people should pool their funds together.
期刊介绍：
Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance.
Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.
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