Buetler, Monika; Teppa, Federica - CESifo - 2005
We use a unique dataset on individual retirement decisions in Swiss pension funds to analyze the choice between an … annuity and a lump sum at retirement. Our analysis suggests the existence of an “acquiescence bias”, meaning that a majority … accumulated pension capital are much more likely to be withdrawn as a lump sum, suggesting a potential moral hazard behavior or a …