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How much do means-tested benefits reduce the demand for annuities?
Bütler, Monika; Peijnenburg, Kim; Staubli, Stefan - 2011
the annuity. Agents trade-off the advantages from annuitization, receiving the wealthenhancing mortality credit, to the …
Persistent link: https://www.econbiz.de/10010285537
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Should you take a lump-sum or annuitize? : Results from Swiss pension funds
Bütler, Monika; Teppa, Federica - 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/10010261379
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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 - 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/10010264420
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Why forcing people to save for retirement may backfire
Buetler, Monika; Huguenin, Olivia; Teppa, Federica - 2005
If individuals are unable or unwilling to borrow, a higher than desired second pillar pension capital may induce people to retire earlier than they would have in the absence of such a scheme. Individuals thus leave the workforce as soon as the retirement income is deemed sufficient and the...
Persistent link: https://www.econbiz.de/10010261184
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Evidence on Individual Preferences for Longevity Risk
Delprat, Gaëtan; Leroux, Marie-Louise; Michaud, Pierre-Carl - 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/10010293908
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Retirement, pensions, and ageing
Heijdra, Ben J.; Romp, Ward E. - 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/10010264112
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Pension reform, retirement and life-cycle unemployment
Jaag, Christian; Keuschnigg, Christian; Keuschnigg, Mirela - 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/10010264263
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The Social Multiplier of Pension Reform
Oral, Emre; Rabaté, Simon; Seibold, Arthur - 2024
We study the influence of family members, neighbors and coworkers on retirement behavior. To estimate causal retirement spillovers between individuals, we exploit a pension reform in the Netherlands that creates exogenous variation in peers' retirement ages, and we use administrative data on the...
Persistent link: https://www.econbiz.de/10014534436
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Aging, Taxes and Pensions in Switzerland
Keuschnigg, Christian - 2016
The gains in life expectancy are expected to double the dependency ratio and increase population by 10% in Switzerland until 2050. To quantify the effects on pensions, taxes and social contributions, we use an overlapping generations model with five margins of labor supply: labor market...
Persistent link: https://www.econbiz.de/10011431253
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The Welfare Economics of Reference Dependence
Reck, Daniel; Seibold, Arthur - 2022
Empirical evidence suggests that individuals often evaluate options relative to a reference point, especially seeking to avoid losses. In this paper, we provide the first welfare analysis under reference-dependent preferences. We decompose the welfare impact of changes in reference points and...
Persistent link: https://www.econbiz.de/10013470258