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Preferences for Redistribution and Pensions. What Can We Learn from Experiments?
Tausch, Franziska - 2016
Redistribution is an inevitable feature of collective pension schemes and economic experiments have revealed that most … people have a preference for redistribution that is not merely inspired by self-interest. Interestingly, little is known on … evidence on preferences for redistribution and suggest some links to redistribution through pensions.For that purpose we …
Persistent link: https://www.econbiz.de/10013008208
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Longevity, Annuities and the Political Support for Public Pensions
Cremer, Helmuth - 2011
redistribution (or type). While individual longevity does not affect preferences for type and size of the program, these are …
Persistent link: https://www.econbiz.de/10013122325
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Political (In)Stability of Social Security Reform
Makarski, Krzysztof - 2016
We analyze the political stability of welfare enhancing privatization of the social security. We consider an economy populated by overlapping generations, who vote on abolishing the funded system and replacing it with the pay-as-you-go scheme, i.e. "unprivatizing" the pension system. We show...
Persistent link: https://www.econbiz.de/10012999844
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Probabilistic Survey Questions and Incorrect Answers : Retirement Income Replacement Rates
van Santen, Peter; Alessie, Rob; Kalwij, Adriaan - 2011
selection by removing individuals that provide answers incompatible with probability theory. We find that not accounting for …
Persistent link: https://www.econbiz.de/10014183412
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The Political Arrangement of Pay-as-You-Go Pension Systems in the Presence of Financial and Demographic Shocks
Ciurila, Nicoleta - 2016
We analyze the outcome of voting over the contribution to a pay-as-you-go (PAYG) pension system in the presence of financial and demographic shocks. The impact of shocks on pension contributions and benefits replicates major developments of pension systems around the world. A decrease in the...
Persistent link: https://www.econbiz.de/10013002540
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Actuarial Fairness When Longevity Increases : An Evaluation of the Italian Pension System
Belloni, Michele - 2011
employees born between 1945 and 2000. In the computations, we allow for dynamic mortality. To this aim, we project cohort- and … gender-specific mortality rates based on a limit demographic scenario recently depicted by demographic experts. We compare …-specific mortality rates are taken into account in the pension computation. The old DB rules are extremely generous and offer strong …
Persistent link: https://www.econbiz.de/10013117345
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Means-Testing Retirement Benefits in the UK : Is it Efficient?
Fehr, Hans - 2014
We construct a dynamic stochastic general equilibrium model with overlapping generations in order to analyze the optimality of means-testing pension benefits in the UK. While previous studies only consider the long-run welfare effects of alternative policy reforms, we compute the full transition...
Persistent link: https://www.econbiz.de/10013056470
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How Risky is Pension Wealth?
Guiso, Luigi; Jappelli, Tullio; Padula, Mario - 2010
Using a representative sample of Italian investors, we estimate the risk associated with social security benefits by eliciting for each individual the subjective distribution of the replacement rate as a summary indicator of social security wealth. Pension risk varies across individuals in a way...
Persistent link: https://www.econbiz.de/10014188652
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Intergenerational Risk Sharing and Labour Supply in Collective Funded Pension Schemes with Defined Benefits
Bonenkamp, Jan; Westerhout, Ed W. M. T. - 2010
In many countries, collective funded pension schemes with defined benefits (DB) are being replaced by individual schemes with defined contributions. Collective funded DB pensions may indeed reduce social welfare. This will be the case when the schemes feature income-related contributions that...
Persistent link: https://www.econbiz.de/10014192852
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On the Asset Allocation of a Default Pension Fund
Dahlquist, Magnus - 2016
We characterize the optimal default fund in a defined contribution (DC) pension plan. Using detailed data on individuals and their holdings inside and outside the pension system, we find substantial heterogeneity among default investors in terms of labor income, financial wealth, and stock...
Persistent link: https://www.econbiz.de/10013001933