Optimal consumption and annuity equivalent wealth with mortality model uncertainty
研究了在死亡率模型不确定性下，个体如何调整最优消费和年金等价财富，为解释现实中年金需求低于理论预测的“年金谜题”提供新视角。
The classical Yaari (1965) lifecycle model (LCM) stands as a cornerstone in numerous modern retirement studies, especially in understanding the determinants of annuity demand. The LCM predicts a high annuity demand among individuals facing retirement, yet it is rarely the case in reality. This gap between economic theory and empirical reality, commonly referred to as the annuity puzzle, has spurred extensive research endeavors aimed at elucidating its economic and behavioral underpinnings.