University of California at Los Angeles
University of Western Ontario - Richard Ivey School of Business
Richard H. Thaler
University of Chicago - Booth School of Business; National Bureau of Economic Research (NBER)
October 13, 2011
Journal of Economic Perspectives, Fall 2011
We analyze the long-standing “annuity puzzle” through the lens of behavioral economics. We provide novel evidence that lessens the extent of the puzzle and shed some additional light on the real drivers of the decision to annuitize. Last, we discuss the policy implications of our findings.
Number of Pages in PDF File: 36
Keywords: Behavioral Finance, Household FInance, Annuity Puzzle, Inertia, Framing Effects
JEL Classification: D03, D14, G11, G22, H55
Date posted: October 14, 2011
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