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(a) Explain how the virtual absence of annuity markets could explain why most countries have significant public pension systems. (b) Explain the role of the

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(a) Explain how the virtual absence of annuity markets could explain why most countries have significant public pension systems. (b) Explain the role of the annuities market in the Blanchard - Yaari model. Demon- strate that the insurance firms in the Blanchard - Yaari model make zero pure profits due to the assumption of actuarial fairness

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