Adverse Selection and Moral Hazard in the Annuity Markets

Research output: Working paper


Several authors have analysed the case in which individuals possess hidden information about their longevity. Davies and Kuhn have considered the related case in which individuals can take hidden actions to affect their longevity. In this work I will consider the case in which the annuity market is characterized by both adverse selection and moral hazard; with private information all individuals, and in particular low-risk individuals, suffer from negative externalities.
Original languageEnglish
Number of pages36
Publication statusPublished - 2004


  • Annuities
  • Asymmetric and Private Information


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