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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
these developments, policyholders desire pensions tailored to their individual needs. This paper proposes a new type of … risk-sharing functions of pensions, PPRs allow risk management and (dis)saving to be customized to the specific features of … heterogeneous individuals. Moreover, unlike variable annuities, PPRs allow investment risks to be combined with longevity insurance …
Persistent link: https://www.econbiz.de/10011252616
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Time Inconsistent Preferences and the Annuitization Decision
Schreiber, Philipp; Weber, Martin - C.E.P.R. Discussion Papers - 2015
When entering retirement most people face the decision whether they would like their defined contribution account balance paid as a lump sum or to annuitize the amount. The fact that people tend to choose the lump sum even if economic reasons suggest not to is called the annuity puzzle. In a...
Persistent link: https://www.econbiz.de/10011165648
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Learning to Take Risks? The Effect of Education on Risk-Taking in Financial Markets
Black, Sandra; Devereux, Paul J.; Lundborg, Petter; … - C.E.P.R. Discussion Papers - 2015
We investigate whether acquiring more education when young has long-term effects on risk-taking behavior in financial markets and whether the effects spill over to spouses and children. There is substantial evidence that more educated people are more likely to invest in the stock market....
Persistent link: https://www.econbiz.de/10011249373
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Housing purchases and the dynamics of housing wealth
Bover, Olympia - C.E.P.R. Discussion Papers - 2010
I model the purchase behavior of main and secondary housing by Spanish households using the panel sample from the first two waves of the Spanish household finance survey (EFF). I estimate discrete hazard models using retrospective and within-period purchase sequences. I also estimate an (S,s)...
Persistent link: https://www.econbiz.de/10008784726
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The Effect of Housing on Portfolio Choice: A Reappraisal Using French Data
Fougère, Denis; Poulhes, Mathilde - C.E.P.R. Discussion Papers - 2012
Chetty and Szeidl (2012) propose to estimate the effect of housing on portfolio choice by distinguishing between the effect of mortgage debt and the effect of home equity and by endogenizing these two variables. When replicating their study with French data, we obtain similar qualitative...
Persistent link: https://www.econbiz.de/10011083391
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Asset Market Participation and Portfolio Choice over the Life Cycle
Fagereng, Andreas; Gottlieb, Charles; Guiso, Luigi - C.E.P.R. Discussion Papers - 2013
We study the life cycle of portfolio allocation following for 15 years a large random sample of Norwegian households using error-free data on all components of households’ investments drawn from the Tax Registry. Both, participation in the stock market and the portfolio share in stocks, have...
Persistent link: https://www.econbiz.de/10011084665
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How Deep is the Annuity Market Participation Puzzle?
Inkmann, Joachim; Lopes, Paula; Michaelides, Alexander - C.E.P.R. Discussion Papers - 2010
Using U.K. microeconomic data, we analyze the empirical determinants of voluntary annuity market demand. We find that annuity market participation increases with financial wealth, life expectancy and education and decreases with other pension income and a pos- sible bequest motive for surviving...
Persistent link: https://www.econbiz.de/10008466332
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Risk Return and Portfolio Allocation under Alternative Pension Systems with Imperfect Financial Markets
Cerny, Ales; Miles, David K - C.E.P.R. Discussion Papers - 2001
of unfunded state pensions differs. We estimate how the optimal level of unfunded state pensions depends on rate of … is rapid and unfunded pensions are currently generous. …
Persistent link: https://www.econbiz.de/10005792047
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Funded and Unfunded Pensions: Risk, Return and Welfare
Miles, David K - C.E.P.R. Discussion Papers - 2000
This paper uses stochastic simulations on calibrated models to assess the optimal degree of reliance on funded pensions … importance of PAYG pensions differs. We estimate how the optimal level of unfunded, state pensions depends on rate of return and …
Persistent link: https://www.econbiz.de/10005067559
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Optimal Portfolio Allocation for Corporate Pension Funds
McCarthy, David; Miles, David K - C.E.P.R. Discussion Papers - 2007
We model the asset allocation decision of a defined benefit pension fund using a stochastic dynamic programming approach. Our model recognizes the fact that asset allocation decisions are made by trustees who are mandated to act in the best interests of beneficiaries - not by sponsoring...
Persistent link: https://www.econbiz.de/10005123770