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This paper analyzes the role of capital accumulation and annuities under conditions of adverse selection in competitive markets. It discusses how uncertainty regarding individual lifetimes and the private information of agents can lead to inefficient allocations, suggesting that voluntary capital accumulation may arise despite the availability of annuities with higher returns. The welfare implications and potential policy interventions to correct these inefficiencies are explored.
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NBER Working Paper 2046 is a research paper published by the National Bureau of Economic Research that presents empirical findings and theoretical analysis on a specific topic within economics.
Researchers and academics who conduct studies relevant to the topics covered in NBER Working Paper 2046 are typically required to file or submit their research as part of the NBER's publication process.
To fill out NBER Working Paper 2046, researchers need to complete a submission form that includes details about their research, methodology, data used, results, and contributions to the field of economics.
The purpose of NBER Working Paper 2046 is to disseminate new research findings, stimulate discussion among economists, and provide a platform for academic critique and feedback.
The information required typically includes the title of the paper, authors' names and affiliations, an abstract, data sources, research methodology, main findings, and references.
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