Cognitive Constraints on Valuing Annuities
通过美国生活面板实验，发现人们购买年金的意愿价格远低于出售价格，且认知能力越低，买卖价差越大，揭示了消费者在年金估值上的困难。
Abstract This paper documents consumers’ difficulty valuing life annuities. Using a purpose-built experiment in the American Life Panel, we show that the prices at which people are willing to buy annuities are substantially below the prices at which they are willing to sell them. We also find that buy values are negatively correlated with sell values and that the sell–buy valuation spread is negatively correlated with cognition. This spread is larger for those with less education, weaker numerical abilities, and lower levels of financial literacy. Our evidence contributes to the emerging literature on heterogeneity in financial decision-making abilities, particularly regarding retirement payouts.