How Much Does Annuity Demand React to a Large Price Change?
利用瑞士职业养老金计划的价格变化，发现年金价格下降8%导致年金选择倾向降低16.8个百分点，对研究养老金决策的学者有参考价值。
Abstract In this paper, we present new evidence for the effect of changes in annuity prices on the decision to annuitize. We exploit an unprecedented change in policy in several Swiss occupational pension plans. There is an implied 8 percent reduction in the rate at which retirement capital is translated into an annuity, and this represents a net present value loss of CHF 18,500 (around US$ 20,000). To estimate the impact of this change, we use data from companies that changed their prices and from one large company that did not. We find that the price change reduces the propensity to annuitize among affected individuals by 16.8 percentage points.