WorldCat Identities

Lehmensiek-Starke, Moritz

Overview
Works: 4 works in 5 publications in 2 languages and 6 library holdings
Roles: Author
Publication Timeline
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Most widely held works by Moritz Lehmensiek-Starke
A behavioral finance perspective on accumulation and decumulation of individual retirement wealth by Moritz Lehmensiek-Starke( Book )

1 edition published in 2011 in German and held by 2 WorldCat member libraries worldwide

Betriebliche Altersversorgung eine Bestandsaufnahme aus verhaltenswissenschaftlicher Sicht by Moritz Lehmensiek-Starke( Book )

2 editions published between 2009 and 2010 in German and held by 2 WorldCat member libraries worldwide

Recovering Longevity Expectations from Subjective Survival Probabilities Uncertainty Matters by Moritz Lehmensiek-Starke( )

1 edition published in 2016 in English and held by 1 WorldCat member library worldwide

According to economic theory, subjective longevity expectations should shape individual decision making regarding consumption and savings. A common way of eliciting longevity expectations is to ask for the subjective probability of survival to a certain age. However, there has been some dissent among economists about how to interpret the responses, given that subjects might not have a unique probability estimate in mind when answering such questions but rather a distribution of acceptable probability estimates. We enrich the discussion by providing new evidence for the idea that subjects tend to give responses reflecting the mode instead of the mean of their subjective probability distributions. This evidence includes a self-administered questionnaire as well as data from the Health and Retirement Study. We use this data to link related questions and make novel out-of-sample predictions. We also show that the elicited survival distributions are decent predictors of actual mortality and propose a new method to make longevity predictions based on relative instead of absolute subjective survival probabilities
The Empirical Frame of the Decision to Annuitize by Moritz Lehmensiek-Starke( )

1 edition published in 2016 in English and held by 1 WorldCat member library worldwide

Microeconomic theory suggests that annuities are favorable because they ensure a steady path of consumption no matter how long the annuitant will live. As a promising attempt to explain why actual annuitization rates are lower than expected, it has recently been argued that consumers do not use such a consumption frame when they decide on annuitizing their wealth. Instead, they might rather apply an investment frame: They evaluate the annuity as a standalone financial product, focusing mainly on its risk and return characteristics and thereby ignoring its insurance value. In this paper, we propose a novel approach to empirically test which frame is actually used by consumers. More precisely, we argue that uncertainty about one's subjective prospects of survival should have opposing effects on the decision to annuitize depending on the frame. In a consumption frame, an annuity provides a hedge against the financial risks of an uncertain lifetime whereas in an investment frame uncertainty about one's future survival translates directly into financial risk. Using field data from the Health and Retirement Study, we show that respondents who have more precise beliefs about their chances of survival tend to annuitize larger parts of their wealth. We therefore find empirical support for the investment frame
 
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Audience level: 0.96 (from 0.96 for Betrieblic ... to 0.97 for A behavior ...)

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Alternative Names
Starke, Moritz Lehmensiek- 1982-

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