本文在一個考慮內生成長架構的疊代模型中，分析年金保險市場的不完全競爭所造成的跨代財富重分配，進而影響經濟成長與社會福利。我們求得極大化社會福利之年金保險生存給付，以找出對應的年金保險市場之最適競爭程度。我們發現次佳的年金保險市場競爭程度為完全競爭，而若欲達到最佳的狀態，則必須給予不同世代不同的生存給付，以消除跨代間的財富差異。

This paper presents the effects of annuity insurance market imperfection on the macroeconomic growth rate and social welfare through intergenerational wealth redistributions in an overlapping-generations model with endogenous growth. We find that the living benefits of annuity insurance maximize social welfare and further obtain the optimal competition in the annuity insurance market. Results show that the second-best competition of the annuity insurance market is perfect competition. If different generations have different living benefits to eliminate the intergenerational wealth gap, then social welfare can attain its first-best scenario.