Please use this identifier to cite or link to this item: https://hdl.handle.net/10356/161653
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dc.contributor.authorBoyle, Phelimen_US
dc.contributor.authorTan, Ken Sengen_US
dc.contributor.authorWei, Pengyuen_US
dc.contributor.authorZhuang, Sheng Chaoen_US
dc.date.accessioned2022-09-13T06:47:04Z-
dc.date.available2022-09-13T06:47:04Z-
dc.date.issued2022-
dc.identifier.citationBoyle, P., Tan, K. S., Wei, P. & Zhuang, S. C. (2022). Annuity and insurance choice under habit formation. Insurance: Mathematics and Economics, 105, 211-237. https://dx.doi.org/10.1016/j.insmatheco.2022.04.003en_US
dc.identifier.issn0167-6687en_US
dc.identifier.urihttps://hdl.handle.net/10356/161653-
dc.description.abstractThis paper examines the impact of habit formation on the demand for life-contingent contracts in a life-cycle model. We derive an analytical solution for the optimal consumption, portfolio choice, and life insurance/annuity purchases. We illustrate the mechanism by which the consumption habit assumption can alter the bequest motive and therefore drive the demand for life-contingent products. Based on our assumed insurance/annuity markets, we show that habit formation alone leads to low demand on either life insurance or annuity but not both. However, habit formation together with social security results in low demand in both life insurance and annuity.en_US
dc.language.isoenen_US
dc.relation.ispartofInsurance: Mathematics and Economicsen_US
dc.rights© 2022 Elsevier B.V. All rights reserved. This paper was published in Insurance: Mathematics and Economics and is made available with permission of Elsevier B.V.en_US
dc.subjectBusiness::Financeen_US
dc.titleAnnuity and insurance choice under habit formationen_US
dc.typeJournal Articleen
dc.contributor.schoolNanyang Business Schoolen_US
dc.contributor.researchInsurance Risk & Finance Research Centreen_US
dc.identifier.doi10.1016/j.insmatheco.2022.04.003-
dc.description.versionSubmitted/Accepted versionen_US
dc.identifier.scopus2-s2.0-85129443320-
dc.identifier.volume105en_US
dc.identifier.spage211en_US
dc.identifier.epage237en_US
dc.subject.keywordsHabit Formationen_US
dc.subject.keywordsLife-Cycle Modelen_US
item.grantfulltextembargo_20240807-
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