Equivalent patrimonial de la rente et souscription de retraite complémentaire

In the line of Brown [2001], we define an Annuity Equivalent Wealth that measures the supplement of utility provided by an annuity with respect to an actuarially equivalent lump sum. We account for the valuation of bequests and adverse selection on the market for annui ties. We simulate this indicator on a sample of singles from the Patrimoine Survey 1998. Under the assumption that insurers will not propose actua rially fair premia, we find a correlation between the Annuity Equivalent Wealth and the decision to subscribe private individual annuities. * R. Mahieu, B. S?dillot : Division ? Redistribution et Politiques Sociales ?, INSEE. This content downloaded from 207.46.13.94 on Sun, 10 Jul 2016 04:08:10 UTC All use subject to http://about.jstor.org/terms