@techreport{NBERw11271,
 title = "Betting on Death and Capital Markets in Retirement: A Shortfall Risk Analysis of Life Annuities",
 author = "Ivica Dus and Raimond Maurer and Olivia S. Mitchell",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "11271",
 year = "2005",
 month = "April",
 URL = "http://www.nber.org/papers/w11271",
 abstract = {Retirees must draw down their accumulated assets in an orderly fashion, so as not to exhaust their funds too soon. We compare alternative phased withdrawal strategies to a life annuity benchmark using German data; one particular phased withdrawal rule seems attractive, as it offers relatively low expected shortfall risk, good expected payouts for the retiree during his life, and some bequest potential; results are similar for the US case. Delayed annuitization may also appeal, as it offers higher expected benefits with lower expected shortfalls. Requiring unisex mortality tables in annuity pric-ing raises women's risks under a phased withdrawal program.},
}