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Should You Take a Lump-Sum or Annuitize? Results from Swiss Pension Funds
Bütler, Monika; Teppa, Federica - C.E.P.R. Discussion Papers - 2005
annuity and a lump sum at retirement. Our analysis suggests the existence of an 'acquiescence bias', meaning that a majority …’s worth of an annuity is considerably below the corresponding value of married men, are not more likely to choose the capital …
Persistent link: https://www.econbiz.de/10005666965
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The Role of the Annuity's Value on the Decision (Not) to Annuitize: Evidence from a Large Policy Change
Bütler, Monika; Staubli, Stefan; Zito, Maria Grazia - C.E.P.R. Discussion Papers - 2008
This paper presents new evidence on how the annuitization decision is affected by changes in the annuity's value. We … pension scheme: The 20 percent reduction in the rate at which retirement capital is translated into a life-long annuity … of the cash-out decision to variations in a utility based measure for the annuity value is comparable to results of …
Persistent link: https://www.econbiz.de/10005504637
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Personal Pensions with Risk sharing: Affordable, Adequate and Stable Private Pensions in Europe
Bovenberg, A Lans; Nijman, Theo E - C.E.P.R. Discussion Papers - 2015
Private pension provision faces the challenging task of providing stable income streams during retirement. The challenge has increased markedly in the last decades due to volatile financial markets, falling interest rates and the withdrawal of employers and external insurers as risk bearers of...
Persistent link: https://www.econbiz.de/10011252616
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What Triggers Early Retirement? Results from Swiss Pension Funds
Bütler, Monika; Huguenin, Olivia; Teppa, Federica - C.E.P.R. Discussion Papers - 2004
Early retirement is predominantly considered as the result of incentives set by social security and the tax system. But people seem to retire early even in the absence of such distortions, as the Swiss example demonstrates. We look for determinants of early retirement, in particular the role of...
Persistent link: https://www.econbiz.de/10005124068
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A cost-of-living dynamic price index, with an application to indexing retirement accounts
Reis, Ricardo - C.E.P.R. Discussion Papers - 2005
If a consumer wishes to protect her retirement account from the risk of price changes in order to sustain a stable standard of living, then what price index should the account be indexed to? This paper constructs a dynamic price index (DPI) that answers this question. Unlike the existing theory...
Persistent link: https://www.econbiz.de/10005504651
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Time Inconsistent Preferences and the Annuitization Decision
Schreiber, Philipp; Weber, Martin - C.E.P.R. Discussion Papers - 2015
reasons suggest not to is called the annuity puzzle. In a large online survey, we find that people behave time inconsistent …
Persistent link: https://www.econbiz.de/10011165648
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Early Retirement Behaviour in the Netherlands - Evidence from a Policy Reform
Euwals, Rob; van Vuuren, Daniel; Wolthoff, Ronald - C.E.P.R. Discussion Papers - 2006
In the early 1990s, the Dutch social partners agreed upon transforming the generous and actuarially unfair PAYG early retirement schemes into less generous and actuarially fair capital funded schemes. The starting dates of the transitional arrangements varied by industry sector. In this study,...
Persistent link: https://www.econbiz.de/10005792155
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The Tax Benefit of Income Smoothing
Rydqvist, Kristian; Schwartz, Steven; Spizman, Joshua - C.E.P.R. Discussion Papers - 2011
A worker can contribute pre-tax dollars to a private pension plan. Under a progressive tax, this feature reduces income taxes. Ippolito (1986} argues that an individual in 1979 can reduce lifetime taxes by 20%. We re-examine his analysis using the complete time-series of US income tax history...
Persistent link: https://www.econbiz.de/10009644030
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Asset Pricing under Rational Learning about Rare Disasters
Koulovatianos, Christos; Wieland, Volker - C.E.P.R. Discussion Papers - 2011
This paper proposes a new approach for modeling investor fear after rare disasters. The key element is to take into account that investors' information about fundamentals driving rare downward jumps in the dividend process is not perfect. Bayesian learning implies that beliefs about the...
Persistent link: https://www.econbiz.de/10009201120
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The Role of Risk Aversion and Intertemporal Substitution in Dynamic Consumption-Portfolio Choicewith Recursive Utility
Bhamra, Harjoat S.; Uppal, Raman - C.E.P.R. Discussion Papers - 2005
The objective of this paper is to understand the implications for consumption and portfolio choice of the separation of an investor’s risk aversion and elasticity of intertemporal substitution that is made possible by recursive utility, in contrast to expected utility, where the two are...
Persistent link: https://www.econbiz.de/10005661747