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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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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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Aging and the Financing of Social Security in Switzerland
Keuschnigg, Christian - 2014
Demographic projections forecast a doubling of the dependency ratio until 2050 as well as an increase of 10% in population due to longer life expectancy in Switzerland. To quantify the effects on social security and public finances, we use a computational overlapping generations model with five...
Persistent link: https://www.econbiz.de/10013069150
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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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Flexible Pension Take-Up in Social Security
Adema, Yvonne - 2013
This paper studies the redistribution and welfare effects of increasing the flexibility of individual pension take … scheme contains within-cohort redistribution and induces early retirement. Such a Pareto-improving reform entails the …
Persistent link: https://www.econbiz.de/10013078915
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Self-Employment in Italy : The Role of Social Security Wealth
Borella, Margherita - 2016
Using a rich micro dataset drawn from administrative archives, we explore whether Social Security Wealth (SSW) is an important factor affecting the decision to become self-employed in Italy. We focus on the two main categories of self-employed professions covered by the Italian public pension...
Persistent link: https://www.econbiz.de/10012997352
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Aging and the Politics of the Welfare State
Hollanders, David; Koster, Ferry - 2013
Analyzing 30 OECD-countries between 1980-2010, this paper estimates the effect of an aging electorate on public expenditure on old age. The main outcome is that an increase in the age of the median voter is not significantly associated with more generous pensions. The second result is that an...
Persistent link: https://www.econbiz.de/10014151281
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A Life-Cycle Model with Ambiguous Survival Beliefs
Groneck, Max - 2013
On average, "young" people underestimate whereas "old" people overestimate their chances to survive into the future. We adopt a Bayesian learning model of ambiguous survival beliefs which replicates these patterns. The model is embedded within a non-expected utility model of life-cycle...
Persistent link: https://www.econbiz.de/10013092823
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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
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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