We estimate the effect of pension reforms on households' expectations and wealth accumulation decisions. We rely on self-reported expectations to measure perceived social security benefits and to a series of pension reforms as a source of exogenous variations in pension wealth. Two parameters...

We estimate the portfolio effect of changes in social security wealth exploiting a decade of Italian pension reforms as a source of exogenous variation. The Italian Survey of Household Income and Wealth records detailed portfolio data and elicits expectations of retirement outcomes, thus...