Guiso, Luigi; Jappelli, Tullio; Padula, Mario - Department of Economics, European University Institute - 2009
. We find substantial heterogeneity of pension risk and show that it is consistently related to observable features in the … pension system that have different effects on individuals with different characteristics. We then relate subjective pension … risk to individuals’ financial decisions. We find that people try to attenuate the adverse consequences of pension wealth …