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among the third of the affiliates with the lowest savings. However, we found that the recent increase in non …
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Transaction costs impose a barrier to savings, but lowering them may have smaller impacts than expected due to other … constraints, such as psychological biases. Within the context of retirement savings under defined contributions in the privatized … that access alone has small and weak effects on savings, but including the persuasive message leads to a 10-12% increase in …
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In many countries, saving in a private pension is tax-advantaged to encourage saving for retirement; however, there is mixed evidence on the extent to which this increases saving. This paper estimates the responsiveness of private pension saving to tax incentives for employees in England and...
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In this work we solve in a closed form the problem of an agent who wants to optimise the inter-temporal utility of both his consumption and leisure by choosing: (i) the optimal inter-temporal consumption, (ii) the optimal inter-temporal labour supply, (iii) the optimal share of wealth to invest...
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"This paper studies strategic asset allocation and consumption choice in the presence of regime switching in asset returns. We find evidence that four separate regimes - characterized as crash, slow growth, bull and recovery states - are required to capture the joint distribution of stock and...
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