The authors provide a theoretical framework to model the workers' choice problem of opting among different pension schemes, a choice problem that is common to several countries that have reformed their social security system in the last decades. This process is currently affecting private sector...

In this paper we aim at providing a theoretical framework to model workers’ choice problem of switching between different pension schemes. This choice problem is common in several countries that have reformed their social security system in the last decades. Although with some specific...

Pension reforms are on the political agenda of many countries. Such reforms imply an increasing responsibility on individuals’ side in building an efficient portfolio for retirement. In this paper we provide a model describing workers’ choices on the allocation of retirement savings in...

Pension systems often entail some compulsory saving over which individuals have some degree of choice in terms of the pension plan in which to invest. Our contribution analyses whether the choice between alternative plans is affected by the presence of liquidity constraints during working life....

There is a consolidated empirical literature providing evidence of the fact that financial literacy, human capital, savings and stock market participation are interconnected decisions. However, to the best of our knowledge, a theoretical explanation of such connections is missing. In this paper...

Pension systems often entail some compulsory saving over which individuals have some degree of choice in terms of the pension plan in which to invest. We analyse whether the choice between alternative plans is affected by the presence of liquidity constraints during working life and we prove...

We examine how unemployment schemes and liquidity constraints affect re-employment probabilities and unemployment duration. In particular we investigate to which extent those schemes, through employment services and search requirements, can offset the expected perverse effect of benefits on...

In this paper we analyse the effect of an Italian training program on the re-employment probability of young unemployed workers. The program consists solely of workplace training and is coordinated by employment centre, but it is fully implemented by firms. We develop a discrete duration...

This paper analyzes the process of social aggregation in an environment in which there are agents with different endowments that can form coalition to produce and divide an output; there is an aggregation force determined by an increasing returns to scale technology, but imperfect information on...