@booklet {sheshinski-notopoa2003,
	title = {Note on the Optimum Pricing of Annuities},
	howpublished = {Discussion Papers},
	year = {2003},
	month = {7},
	abstract = {In a perfectly competitive market for annuities with full information, the price of annuities is equal to individuals{\textquoteright} (discounted) survival probabilities. That is, prices are actuarially fair. In contrast, the pricing implicit in social security systems invariably allows for cross subsidization between different risk groups (males/females). We examine the utilitarian approach to the optimum pricing of annuities and show how the solution depends on the joint distribution of survival probabilities and incomes in the population.},
	url = {/files/db326.pdf},
	author = {Eytan Sheshinski}
}
