The revealed preference for dominated insurance-based personal pension plans in Italy is a decade-long puzzle. I surmise that a motivation from the supply side is a sales force factor deriving from the geographical distribution of financial providers, including the countrywide network of the...

We investigate the puzzle of choices of dominated personal pension instruments in Italy, with insurers' products (PIPs) much more subscribed than shares of open pension funds offered by banks (FPAs). We find evidence, using the three waves of Bank of Italy's Survey of Household Income and Wealth...