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NBER Working Papers and Publications
|1987||Annuity Markets, Savings, and the Capital Stock|
with Laurence J. Kotlikoff, John B. Shoven
in Issues in Pension Economics, Zvi Bodie, John B. Shoven, and David A. Wise, editors
|July 1984||The Impact of Annuity Insurance on Savings and Inequality|
with Laurence J. Kotlikoff, John B. Shoven: w1403
This is the first paper to document the effect of health on the migration propensities of African Americans in the American past. Using both IPUMS and the Colored Troops Sample of the Civil War Union Army Data, I estimate the effects of literacy and health on the migration propensities of African Americans from 1870 to 1910. I find that literacy and health shocks were strong predictors of migration and the stock of health was not. There were differential selection propensities based on slave status--former slaves were less likely to migrate given a specific health shock than free blacks. Counterfactuals suggest that as much as 35% of the difference in the mobility patterns of former slaves and free blacks is explained by differences in their human capital, and more than 20% of that differe...
Published: Kotlikoff, Laurence J., John Shoven and Avia Spivak. "The Impact of Annuity Insurance on Savings and Inequality," Journal of Labor Economics, Vol. 4, No. 3, Part 2, July 1986, pp. S183-S215.
|December 1983||Annuity Markets, Savings, and the Capital Stock|
with Laurence J. Kotlikoff, John B. Shoven: w1250
This article examines how the availability of annuities affects savings and inequality in economies in which neither private nor public pensions initially exist. The absence of widespread market or government annuity insurance is clearly descriptive of many less developed countries in the world today; it was also a characteristic of virtually all countries prior to World War II. The paper compares economies with perfect insurance with economies in which completely selfish parents and children pool longevity risk to their mutual advantage. The analysis of the latter economies takes into account the infinite sequence of risk sharing bargains of successive parents with their children. Such bargains affect current risk sharing between parents and child because they determine the welfare of cur...
- Kotlikoff, Laurence J., John B. Shoven and Avia Spivak. "Annuity Markets, Savings, and the Capital Stock." Issues in Pension Economics, edited by Zvi Bodie, John Shoven and David A. Wise, Chicago: UCP, 1987.
- Annuity Markets, Savings, and the Capital Stock, Laurence J. Kotlikoff, John B. Shoven, Avia Spivak. in Issues in Pension Economics, Bodie, Shoven, and Wise. 1987
|June 1979||The Family as an Incomplete Annuities Market|
with Laurence J. Kotlikoff: w0362
A new empirical study of the relation between money, nominal income, prices, and real output in postwar quarterly U.S. data rejects virtually all of the conclusions reached by Families provide individuals with risk sharing opportunities which may not otherwise be available. Within the family there is a degree of trust and a level of information which alleviates three key problems in the provision of insurance by markets open to the general public, namely, moral hazard, adverse selection, and deception. The informational advantages of pooling risk within families must be set against the inability of families to provide complete insurance because of the small size of the risk pooling group. This paper demonstrates how families can provide insurance against uncertain dates of death. Death ris...
Published: Kotlikoff, Laurence J. and Avia Spivak. "The Family as an Incomplete Annuties Market." Journal of Political Economy, Vol. 89, No. 2, (April 1981), pp . 372-391. citation courtesy of