The Welfare Cost of Asymmetric Information: Evidence from the U.K. Annuity Market

Liran Einav, Amy Finkelstein, Paul Schrimpf

NBER Retirement Research Center Paper No. NB 07-16
Issued in June 2007

---- Acknowledgements -----

We are grateful to James Banks, Richard Blundell, Je¤ Brown, Peter Diamond, Carl Emmerson, Jerry Hausman, Jonathan Levin, Alessandro Lizzeri, Wojciech Kopczuk, Ben Olken, Casey Rothschild, and seminar participants at the AEA 2007 annual meeting, Cowles 75th anniversary conference, Chicago, Hoover, Institute for Fiscal Studies, MIT, Stanford, Washington University, and Wharton for helpful comments, and to several patient and helpful employees at the …rm whose data we analyze. Financial support from the National Institute of Aging (Finkelstein) and the National Science Foundation (Einav) is greatfully acknowledged. Einav also acknowledges the hospitality of the Hoover Institution. This research was also supported by the U.S. Social Security Administration through grant #10P-98363-1-04 to the National Bureau of Economic Research as part of the SSA Retirement Research Consortium. The …ndings and conclusions expressed are solely those of the authors and do not represent the views of SSA, any agency of the Federal Government, or the NBER.

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