Selection Effects in the United Kingdom Individual Annuities Market
研究英国自愿和强制个人年金市场中的逆向选择，发现年金领取者寿命更长，且自愿市场的逆向选择程度约为强制市场的两倍，产品定价也反映了个体的私人信息。
This paper explores adverse selection in the voluntary and compulsory individual annuity markets in the United Kingdom. Two empirical regularities support standard models of adverse selection. First, annuitants are longer-lived than non-annuitants. These mortality differences are more pronounced in the voluntary than in the compulsory annuity market. We estimate that the amount of adverse selection in the compulsory market is about one half of that in the voluntary market. Second, the pricing of different types of annuity products within each annuity market is consistent with individuals selecting products based, in part, on private information about their mortality prospects. Copyright Royal Economic Society 2002