Before revision: The performance of a market for annuity contracts depends on the interaction between retirees and strategic life insurance companies with  private information about their costs. We model this interaction using multi-stage and multi-attribute auctions where a retiree--auctioneer--maximizes herexpected present discounted utility .
After revision: The performance of a market for annuity contracts depends on the interaction between retirees and strategic life insurance companies with private information about their expected present discounted utility .