Why are annuities not voluntarily taken up by a larger number of retirees? In the individual consumption/savings portfolio choice literature, a very important participation puzzle arises from the revealed preference of households not to voluntarily buy annuities at retirement, despite the strong theoretical reasons that point towards high demand for these products. Specifically, as early as 1965, Yaari demonstrates that risk aversion is sufficient to induce a household to buy an actuarially fair annuity as protection against life expectancy risk. Yet, despite this strong theoretical result, annuity demand remains very low in the data, what is known as the "annuity market participation puzzle".
Phase II of the Navy Hawaii Housing Privatization involves Marine Corps housing and includes a total of 1,190 existing units (15 of which will be transferred to MCSS) and an end-state total of 1,175 units. The housing is located in 12 housing areas on Marine Corps Base Hawaii (MCBH) Kaneohe Bay on the Windward side of Oahu and in 2 housing areas at Camp Smith and Manana in the Pearl Harbor area.
The existing housing to be transferred in this phase includes single-family homes, duplexes, and multi-plex townhouses with 2 to 5 bedrooms. Forty-seven percent of the housing was built since 1992 and is mostly duplexes and very desirable. Overall the MCBH Kaneohe Bay location is one of the most desirable pieces of real estate on the island for residential development. It is located on a peninsula jutting out into Kaneohe Bay.
The purpose of this publication is to provide examples and ideas for strategic communications planning, public relations, and marketing that can move park and recreation professionals and organizations forward in today’s competitive 24/7 media market.
