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Pension Risk, Retirement Saving and Insurance

Guiso, Luigi; Jappelli, Tullio; Padula, Mario - Centro Studi di Economia e Finanza (CSEF) - 2009

uncertainty by increasing demand for targeted retirement saving and for insurance. Individuals facing more pension wealth risk …

Persistent link: https://www.econbiz.de/10004991296

The Portfolio Effect of Pension Reforms

Bottazzi, Renata; Jappelli, Tullio; Padula, Mario - Centro Studi di Economia e Finanza (CSEF) - 2009

elicits expectations of retirement outcomes, thus allowing us to measure the expected social security wealth and to assess to …

Persistent link: https://www.econbiz.de/10005061770

Winner-Picking or Cross-Subsidization? The Strategic Impact of Resource Flexibility in Business Groups

Cestone, Giacinta; Fumagalli, Chiara - Centro Studi di Economia e Finanza (CSEF) - 2003

We show that in business groups with efficient internal capital markets both winner-picking and cross-subsidization may occur. Depending on the amount of internal resources, a group may either exit a market in response to increased competition, or rather channel funds to the subsidiary operating...

Persistent link: https://www.econbiz.de/10005750361

Optimal Libertarian Sin Taxes

Bassi, Matteo - Centro Studi di Economia e Finanza (CSEF) - 2012

This paper studies the optimal fiscal treatment of addictive goods (cigarettes, drugs, fatty foods, alcohol, gambling etc.). It shows that, when agents have private information about their productivity levels and their degree of rationality, the Atkinson and Stiglitz result of optimal uniform...

Persistent link: https://www.econbiz.de/10010801014

Addiction and The Role of Commitment Devices

Bassi, Matteo - Centro Studi di Economia e Finanza (CSEF) - 2010

This paper studies if external commitment devices are effectively capable of helping agents to reduce their consumption of addictive goods (alcohol, cigarettes, drugs, fatty foods etc.). The main assumption introduced in the model is that individuals are sophisticated hyperbolic discounters. The...

Persistent link: https://www.econbiz.de/10008765692

An Egg Today and a Chicken Tomorrow: A Model of Social Security with Quasi-Hyperbolic Discounting

Bassi, Matteo - Centro Studi di Economia e Finanza (CSEF) - 2008

Pension (2006), this paper applies this behavioral framework to retirement decisions. We propose a three-periods OLG model … with quasi-hyperbolic consumers whosave for post retirement consumption in the first period and choose their retirement age … in the second. We show that this behavioral assumption explains the observed drop in post retirement consumptiondue to …

Persistent link: https://www.econbiz.de/10005626726

Social security and entrepreneurial activity

Steinberger, Thomas - Centro Studi di Economia e Finanza (CSEF) - 2005

neither receiving wage income nor paying social security contributions. Social security bene- fits in retirement depend on the …

Persistent link: https://www.econbiz.de/10005750370

Growth and Social Security: The Role of Human Capital

Kemnitz, Alexander; Wigger, Berthold U. - Centro Studi di Economia e Finanza (CSEF) - 2000

This paper studies the growth and efficiency effects of pay-as-you-go financed social security when human capital is the engine of growth. Employing a variant of the Lucas (1988) model with overlapping generations, it is shown that a properly designed unfunded social security system leads to...

Persistent link: https://www.econbiz.de/10005750387

Pension benefit default risk and welfare effects of funding regulation

Steinberger, Thomas - Centro Studi di Economia e Finanza (CSEF) - 2005

This paper analyzes the welfare effects of funding regulation for defined benefit pension plans subject to pension benefit default risk in an incomplete financial markets OLG-setting with aggregate uncertainty and idiosyncratic pension default risk. The financial market incompleteness arises...

Persistent link: https://www.econbiz.de/10005839167

What Explains Fertility? Evidence from Italian Pension Reforms

Billari, Francesco C.; Galasso, Vincenzo - Centro Studi di Economia e Finanza (CSEF) - 2008

Why do people have kids in developed societies? We propose an empirical test of two alternative theories — children as “consumption” vs. “investment” good. We use as a natural experiment the Italian pension reforms of the 90s that introduced a clear discontinuity in the treatment...

Persistent link: https://www.econbiz.de/10005839200