{"id":8975,"date":"2025-12-15T13:06:11","date_gmt":"2025-12-15T16:06:11","guid":{"rendered":"https:\/\/aaep.org.ar\/?p=8975"},"modified":"2025-12-15T13:06:12","modified_gmt":"2025-12-15T16:06:12","slug":"auctioning-annuities-with-two-sided-private-information","status":"publish","type":"post","link":"https:\/\/aaep.org.ar\/?p=8975","title":{"rendered":"Auctioning Annuities with Two Sided Private Information"},"content":{"rendered":"<iframe loading=\"lazy\" class=\"wonderplugin-pdf-iframe\" src=\"https:\/\/aaep.org.ar\/wp-content\/plugins\/wonderplugin-pdf-embed\/pdfjslight\/web\/viewer.html?v=2&file=https:\/\/aaep.org.ar\/works\/works2025\/4804.pdf\" width=\"100%\" height=\"600px\" style=\"border:0;\"><\/iframe>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>We propose and estimate a model of demand and supply of annuities. To this end, we use rich data from Chile, where annuities are bought and sold in a private market via a two-stage process:\u2000rst-price auctions followed by bargaining. We model rms with private information about costs and retirees with di\u2000erent mortalities and preferences for bequests and\u2000rms&#8217; risk ratings. We\u2000nd substantial costs and preference heterogeneity, and because there are many rms, the market performs well. Counterfactuals show that simplifying the current mechanism with English auctions and\\shutting down\u00bb risk ratings increase pensions, but only for high savers.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","footnotes":""},"categories":[29],"tags":[33],"class_list":["post-8975","post","type-post","status-publish","format-standard","hentry","category-anales","tag-aaep-anales-2025"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Auctioning Annuities with Two Sided Private Information - Asociaci\u00f3n Argentina de Econom\u00eda Pol\u00edtica<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"es_ES\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Auctioning Annuities with Two Sided Private Information - Asociaci\u00f3n Argentina de Econom\u00eda Pol\u00edtica\" \/>\n<meta property=\"og:description\" content=\"We propose and estimate a model of demand and supply of annuities. To this end, we use rich data from Chile, where annuities are bought and sold in a private market via a two-stage process:\u2000rst-price auctions followed by bargaining. We model rms with private information about costs and retirees with di\u2000erent mortalities and preferences for bequests and\u2000rms&#039; risk ratings. We\u2000nd substantial costs and preference heterogeneity, and because there are many rms, the market performs well. Counterfactuals show that simplifying the current mechanism with English auctions andshutting down&quot; risk ratings increase pensions, but only for high savers.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/aaep.org.ar\/?p=8975\" \/>\n<meta property=\"og:site_name\" content=\"Asociaci\u00f3n Argentina de Econom\u00eda Pol\u00edtica\" \/>\n<meta property=\"article:published_time\" content=\"2025-12-15T16:06:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-15T16:06:12+00:00\" \/>\n<meta name=\"author\" content=\"aaepolitica\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@aaepoficial\" \/>\n<meta name=\"twitter:site\" content=\"@aaepoficial\" \/>\n<meta name=\"twitter:label1\" content=\"Escrito por\" \/>\n\t<meta name=\"twitter:data1\" content=\"aaepolitica\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/aaep.org.ar\\\/?p=8975#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/aaep.org.ar\\\/?p=8975\"},\"author\":{\"name\":\"aaepolitica\",\"@id\":\"https:\\\/\\\/aaep.org.ar\\\/#\\\/schema\\\/person\\\/7150b747ba20875259c74b2cd177316c\"},\"headline\":\"Auctioning Annuities with Two Sided Private Information\",\"datePublished\":\"2025-12-15T16:06:11+00:00\",\"dateModified\":\"2025-12-15T16:06:12+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/aaep.org.ar\\\/?p=8975\"},\"wordCount\":22,\"publisher\":{\"@id\":\"https:\\\/\\\/aaep.org.ar\\\/#organization\"},\"keywords\":[\"AAEP Anales 2025\"],\"articleSection\":[\"Anales\"],\"inLanguage\":\"es\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/aaep.org.ar\\\/?p=8975\",\"url\":\"https:\\\/\\\/aaep.org.ar\\\/?p=8975\",\"name\":\"Auctioning Annuities with Two Sided Private Information - 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