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Welfare contours
The figure super-imposes iso-welfare (wealth equivalent) contour lines on the previous Figure 2. Individuals with wealth equivalent greater than 100 would voluntarily annuitize, while individuals with wealth equivalent less than 100 would not. Each panel represents a different age-gender cell: 60 year old females (upper left), 65 year old females (upper right), 60 year old males (lower left), and 65 year old males (lower right).
