Macro longevity risk and the choice between annuity products: Evidence from Denmark
利用丹麦数据，研究个人在低风险保证型养老金与高风险市场敏感型养老金之间的选择，发现年轻、男性、哥本哈根居民、经济学背景且养老金财富中等的人更可能转向市场敏感型产品。
We study a unique data-set containing individuals who were given the opportunity to substitute a guaranteed pension product with relatively low levels of risk for a market-sensitive pension product with both a higher degree of financial risk and exposure to macro longevity risk. Implicitly there is a longevity hedge built into the guaranteed product that is abolished when one switches to the market-sensitive product. The analysis shows that situations might arise where expected pension payments in the market-sensitive product fall below expected pension payments in the guaranteed product, despite the fact that the former has a higher expected return from financial assets. We find that young male residents of Copenhagen with a degree in economics who are guaranteed a low return on their pension savings and have moderate pension wealth are more likely to switch to the market-sensitive pension product.