Testing for Asymmetric Information Using 'Unused Observables' in Insurance Markets: Evidence from the U.K. Annuity Market
---- Acknowledgements ----
We thank Jeff Brown, Edmund Cannon, Pierre-Andre Chiappori, Keith Crocker, Richard Disney, Liran Einav, Carl Emmerson, Michael Orszag, Casey Rothschild, Ian Tonks, Michael Wadsworth, Jonathan Zinman, and an anonymous referee for helpful discussions, Hui Shan for outstanding research assistance and the National Institute of Aging and the National Science Foundation (Poterba) for financial support. We are particularly grateful to the generous and patient employees at the firm that provided the data underlying our analysis. Poterba is a trustee of the College Retirement Equity Fund (CREF) and of the TIAA-CREF mutual funds, which sell retirement products including annuities. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.