Optimal annuity demand in behavioral decision models

Schneider, Patrick

Optimal annuity demand in behavioral decision models - Patrick Schneider.pdf - Published

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URL: https://ub-madoc.bib.uni-mannheim.de/43556
URN: urn:nbn:de:bsz:180-madoc-435560
Document Type: Doctoral dissertation
Year of publication: 2018
Place of publication: Mannheim
University: Universität Mannheim
Evaluator: Albrecht, Peter
Date of oral examination: 26 September 2017
Publication language: English
Institution: Business School > ABWL, Risikotheorie, Portfolio Management u. Versicherungswissenschaft (Albrecht 1989-2021)
Subject: 330 Economics
Subject headings (SWD): Ruhestand , Verhaltensökonomie , Rentenversicherung , Portfoliomanagement , Zeitpräferenz
Keywords (English): optimal retirement portfolio loss aversion hyperbolic discounting reference dependence
Abstract: The aim of this dissertation is to design and analyze behavioral decision models for the retirement phase of the life-cycle. The proposed decision models combine expected utility theory with the behavioral apects hyperbolic discounting, loss aversion and reference dependence. A thorough optimization is conducted within the models to find the optimal insurance endowments, investment and consumption plans and bequest sizes.

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