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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
(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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