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Subjective expectations about future policy play an important role in individuals' welfare. We examine how workers' expectations about pension reform vary with proximity to reforms, information cost, and aggregate information acquisition. We construct a new pan-European dataset of reform...
Persistent link: https://www.econbiz.de/10012104108
We study the effects of an annuity market imperfection on individual agents' labour supply and retirement decisions and … ; retirement ; endogenous growth ; overlapping generations ; demography …
Persistent link: https://www.econbiz.de/10003871897
dependence of hazard rates, which determine individuals' behavioral response w.r.t. education, work and age of retirement …. -- longevity ; survival functions ; education ; work ; age of retirement ; annuities …
Persistent link: https://www.econbiz.de/10003883894
retirement. In order to introduce the existence of limited-time pension insurance, we assume that for each period of retirement …
Persistent link: https://www.econbiz.de/10011541030
We study the short-, medium-, and long-run implications of stimulating annuity markets in a dynamic general-equilibrium overlapping-generations model. We find that beneficial partial-equilibrium effects of stimulating annuity markets are counteracted by negative general-equilibrium...
Persistent link: https://www.econbiz.de/10010361493
The present paper studies the growth and efficiency consequences of pension funding with individual retirement accounts … retirement plans. Three major findings are derived in our study: First, we quantify the commitment effect of social security for … gains are only attainable if accounts are voluntary and not mandatory. -- individual retirement accounts ; annuities …
Persistent link: https://www.econbiz.de/10003871957
When information on longevity (survival functions) is unknown early in life, individuals have an interest to insure themselves against future "risk-class" classification. Accordingly, the First-Best typically involves transfers across states of nature. Competitive equilibrium cannot provide such...
Persistent link: https://www.econbiz.de/10011506208
In a perfectly competitive market for annuities with full information, the price of annuities is equal to individuals (discounted) survival probabilities. That is, prices are actuarially fair. In contrast, the pricing implicit in social security systems invariably allows for cross subsidization...
Persistent link: https://www.econbiz.de/10011506431
with five margins of labor supply: labor market participation, hours worked, job search, retirement, and on … retirement age to 68 years, may limit the tax increases to 4 percentage points of value added tax and reduce the decline of per …
Persistent link: https://www.econbiz.de/10011416024
Socio-economic differences in longevity have fuelled a debate whether pension systems have a regressive bias favouring groups with a high life expectancy. We show that the distributional implications of such pooling depend critically on the benefit profile across age/time, which in turn is...
Persistent link: https://www.econbiz.de/10014470411