期刊名称：CORE Discussion Papers / Center for Operations Research and Econometrics (UCL), Louvain
出版年度：2007
卷号：1
出版社：Center for Operations Research and Econometrics (UCL), Louvain
摘要：Rectangularization of the survival probability seems to be an ongoing process. It
results from a higher concentration of the ages at death; but it can be reversed by a
continuous increase in the limit of life time. In this paper, we assume that these two
factors are endogenous and we show that risk averse decision makers exhibit a bias
towards rectangularization. More specifically, the importance of the bias depends
upon the intensity of the "fear of ruin" which is another measure of the degree of
absolute risk aversion.
