Die konzeptionelle Ausgestaltung der Alterssicherung, das heißt die Gratwanderung zwischen Bismarck und Beveridge, wird wegen der sich abzeichnenden demografischen Veränderungen kontrovers diskutiert. Eine besondere Bedeutung erlangte hierbei die Idee einer Bürgerrente, in der pro Kopf...

With regard to retirement savings individual investors tend to hold large positions of their wealth in riskless assets, although equity products offer higher returns. In this article we study a behavioral portfolio model which captures this phenomenon by considering two behavioral aspects: fear...

In order to encourage people to take out voluntary private pensions to supplement decreasing statutory provisions Germany introduced the so-called Riester pensions. The complex design of the new product might have created entry barriers into the market helping to explain the slow adaption path...