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Tax Incentives, Bequest Motives, and the Demand for Life Insurance: Evidence from two Natural Experiments in Germany
Sauter, Nicolas; Walliser, Jan; Winter, Joachim - CESifo - 2010
Whole life insurance plays an important role in household saving. However, empirical evidence on its determinants is scarce. This paper studies two natural experiments to identify the effects of tax incentives and bequest motives on life-insurance demand. An unanticipated tax reform in 2000...
Persistent link: https://www.econbiz.de/10008534059
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Hidden Skewness : On the Difficulty of Multiplicative Compounding Under Random Shocks
Ensthaler, Ludwig - 2014
Multiplicative growth processes that are subject to random shocks often have a skewed distribution of outcomes. In a number of incentivized laboratory experiments we show that a large majority of participants either strongly underestimate skewness or ignore it completely. Participants...
Persistent link: https://www.econbiz.de/10013054022
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Hidden Skewness: On the Difficulty of Multiplicative Compounding under Random Shocks
Ensthaler, Ludwig; Nottmeyer, Olga; Weizsäcker, Georg; … - CESifo - 2014
Multiplicative growth processes that are subject to random shocks often have a skewed distribution of outcomes. In a number of incentivized laboratory experiments we show that a large majority of participants either strongly underestimate skewness or ignore it completely. Participants...
Persistent link: https://www.econbiz.de/10010764292
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MPC Heterogeneity and Household Balance Sheets
Fagereng, Andreas - 2019
We use sizeable lottery prizes in Norwegian administrative panel data to characterize households' marginal propensities to consume (MPCs). Our main contribution is to document how MPCs vary with household characteristics and prize size, and how lottery prizes are spent and saved over time. We...
Persistent link: https://www.econbiz.de/10012898430
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The Impact of Financial Education on Adolescents' Intertemporal Choices
Lührmann, Melanie - 2018
We study the impact of financial education on intertemporal choice in adolescence. The educational program was randomly assigned among high-school students and choices were measured using an incentivized experiment. Students who participated in the program make more time-consistent choices; are...
Persistent link: https://www.econbiz.de/10012937819
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Inherited Wealth and Demographic Aging
Onder, Harun - 2016
The role of inherited wealth in modern economies has increasingly become under scrutiny. This study presents one of the first attempts to shed light on how demographic aging could shape this role. We show that, in the absence of retirement annuities, or for a given level of annuitization, both...
Persistent link: https://www.econbiz.de/10012985794
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Tax Incentives, Bequest Motives, and the Demand for Life Insurance : Evidence from Two Natural Experiments in Germany
Sauter, Nicolas - 2010
Whole life insurance plays an important role in household saving. However, empirical evidence on its determinants is scarce. This paper studies two natural experiments to identify the effects of tax incentives and bequest motives on life-insurance demand. An unanticipated tax reform in 2000...
Persistent link: https://www.econbiz.de/10013143834
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The Impact of Financial Education on Adolescents' Intertemporal Choices
Lührmann, Melanie; Serra-Garcia, Marta; Winter, Joachim - CESifo - 2014
We study the impact of financial education on intertemporal choice in adolescence. The program was randomly assigned among high-school students and intertemporal choices were measured using an incentivized experiment. Students who participated in the program display a decrease in time...
Persistent link: https://www.econbiz.de/10011274344
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Adaptation, Anticipation-Bias and Optimal Income Taxation
Aronsson, Thomas - 2012
-formation process. The analysis is based on a general equilibrium OLG model with endogenous labor supply and savings where each consumer …-bias through a combination of time-variant marginal labor income taxes and savings subsidies. Furthermore, the optimal policy mix … remains the same, irrespective of whether consumers commit to their original life-time plan for work hours and savings decided …
Persistent link: https://www.econbiz.de/10013104834
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Time Inconsistency and Retirement Choice
Findley, T. Scott - 2015
Hyperbolic discounting with naiveté is widely believed to provide a better explanation than exponential discounting of why people borrow so much and why they wait so long to save for retirement. We reach a different set of conclusions. We show that if financial planning is enriched to include...
Persistent link: https://www.econbiz.de/10013027082