Essays on Pension Economics and Individual Welfare

This dissertation is a collection of three papers discussing the economic value
of annuities in different perspectives, with a particular focus on the individual
welfare. The first chapter explores how different pension tax treatments affect
optimal accumulation and decumulation decisions over the life-cycle. The second
chapter analyzes the properties of three types of variable annuities with an
embedded guaranteed minimum accumulation benefit, each differing in the
criteria used to reach a pre-defined target benefit level. The third chapter
examines the welfare losses or gains that individuals with different educational
levels face when they are offered a variable annuity that is not tailored to their risk preferences and/or mortality risks. Together, this dissertation provides valuable insights for policymakers and industry experts in the design of pension systems and annuity products.