Before revision:  To this end, we develop a model of demand and supply of annuities using discrete choice and multi-attribute auctions where life insurance companies with different risk ratings and private information about their annuitization costscompete for savings of risk-averse retirees by offering them personalized pensions .
After revision:  To this end, we develop a model of demand and supply of annuities using discrete choice and multi-attribute auctions where life insurance companies with different risk ratings and private information about their costs, and retirees have heterogeneous preferences for bequest and firms' risk rating .