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How Much Do Means-Tested Benefits Reduce the Demand for Annuities?
Bütler, Monika; Peijnenburg, Kim; Staubli, Stefan - CESifo - 2011
the annuity. Agents trade-off the advantages from annuitization, receiving the wealth-enhancing mortality credit, to the …
Persistent link: https://www.econbiz.de/10009150867
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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 - CESifo - 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/10005766167
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Should you Take a Lump-Sum or Annuitize? Results from Swiss Pension Funds
Buetler, Monika; Teppa, Federica - CESifo - 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/10005405926
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Evidence on Individual Preferences for Longevity Risk
Delprat, Gaëtan; Leroux, Marie-Louise; Michaud, Pierre-Carl - CESifo - 2013
The standard model of intertemporal choice assumes risk neutrality toward the length of life: due to additivity, agents are not sensitive to a mean preserving spread in the length of life. Using a survey fielded in the RAND American Life Panel (ALP), this paper provides empirical evidence on...
Persistent link: https://www.econbiz.de/10010639424
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Retirement, Pensions, and Ageing
Heijdra, Ben J.; Romp, Ward E. - CESifo - 2007
We study the effects of demographic shocks and changes in the pension system on the macroeconomic performance of an advanced small open economy. An overlapping-generations model is constructed which includes a realistic description of the mortality process. Individual agents choose their optimal...
Persistent link: https://www.econbiz.de/10005094360
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Pension Reform, Retirement and Life-Cycle Unemployment
Jaag, Christian; Keuschnigg, Christian; Keuschnigg, Mirela - CESifo - 2007
The labor market effects of pension reform stem from retirement behavior and from job search and hours worked of prime age workers. This paper investigates the impact of four often proposed policy measures for sustainable pensions: strengthening the tax benefit link, moving from wage to price...
Persistent link: https://www.econbiz.de/10005406381
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Optimal Pensions in Aging Economies
Heer, Burkhard - CESifo - 2015
Ýmrohoroðlu, Ýmrohoroðlu and Joines [1995, A life-cycle analysis of Social Security, Economic Theory, vol. 6, 83-114] show that the optimal replacement ratio of the payas-you-go public pension system in the US economy amounts to 30%. We extend their analysis to a model that 1) replicates the...
Persistent link: https://www.econbiz.de/10011163065
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Marginal Tax Rates and Tax-Favoured Pension Savings of the Self-Employed - Evidence from Sweden
Selin, Håkan - CESifo - 2010
In recent years, the study of how individuals respond to policies that aim at promoting pension savings has emerged as a vital area of economic research. This paper adds to this literature by estimating the tax price elasticity of contributions to tax-favoured pension savings accounts on a...
Persistent link: https://www.econbiz.de/10008534056
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Uncertain Longevity and Investment in Education
Sheshinski, Eytan - CESifo - 2009
. Comparison is made between the case when individuals have access to a competitive annuity market and the case of no insurance. …
Persistent link: https://www.econbiz.de/10008596600
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Once Upon a Time Preference - How Rationality and Risk Aversion Change the Rationale for Discounting
Traeger, Christian - CESifo - 2012
The paper develops an axiomatic framework for rational decision making. The von Neumann-Morgenstern axioms give rise to a richer risk attitude than that captured in the standard discounted expected utility model. I derive three models that permit a more comprehensive risk evaluation. These...
Persistent link: https://www.econbiz.de/10010544183