Tag: market
![Working together on their budget](https://crr.bc.edu/wp-content/uploads/2022/11/financing_retirement_5-1536x988.jpg)
Abstract We study the relative importance of market governance and non-market governance in retirement investments using a sample of variable annuities. Variable annuity investors are significantly less sensitive to performance and fees than mutual fund investors. Consistent with a complementary role of market and non-market governance, other governance mechanisms play a stronger role for variab…
![Hand holding coins in birds nest.](https://crr.bc.edu/wp-content/uploads/2022/11/financing_retirement_4-1536x1024.jpg)
Abstract This paper describes the role of adverse selection in annuity markets, and sketches some of the public policy implications of the existence of such selection effects. It shows that a substantial fraction of the difference between the expected value of the payouts on both voluntary and compulsory annuity products in the U.K., and t…