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The design of pension pay out options when the health status during retirement is uncertain
Kifmann, Mathias - 2008
This paper examines the optimal design of pension plans when the health status during retirement is uncertain. Assuming that the health status affects both life expectancy and the marginal utility of consumption, choice between a lump-sum payment and an annuity can be welfare-enhancing if the...
Persistent link: https://www.econbiz.de/10010264299
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An Empirical Analysis of the Propagation Mechanism of Financial Globalization
Kim, Hee-Sik; Hong, Seung-je - 2021
This paper examines the mechanism of financial globalization and the preconditions needed for its operation, from the aspect of financial development. Using data on financial globalization and financial development from 16 OECD countries during the period of 1988 to 2001, this paper also...
Persistent link: https://www.econbiz.de/10013237717
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Pensions : A Complex Landscape
Swarup, Dr. Amarendra - 2010
, despite this spotlight on pensions, many important facets remain badly understood and need to be discussed in greater detail …. Most observers would agree that societies have not yet reached the end of the reform process and that dealing with pensions … pensions. The general issue under consideration is not new. How to structure the future provision of pensions, taking into …
Persistent link: https://www.econbiz.de/10013144559
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Income risk, precautionary saving, and loss aversion : an empirical test
Ibanez, Marcela; Schneider, Sebastian O. - 2021
This paper empirically examines the behavioral precautionary saving hypothesis by Koszegi and Rabin (2009) stating that uncertainty about future income triggers saving because of loss aversion. We extend their theoretical analysis to also consider the internal margin, i.e., the strength, of loss...
Persistent link: https://www.econbiz.de/10012438025
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Heterogeneity and risk sharing in village economies
Chiappori, Pierre-André; Krislert Samphantharak; … - In: Quantitative economics : QE ; journal of the … 5 (2014) 1, pp. 1-27
We show how to use panel data on household consumption to directly estimate households’ risk preferences. Specifically, we measure heterogeneity in risk aversion among households in Thai villages using a full risk-sharing model, which we then test allowing for this heterogeneity. There is...
Persistent link: https://www.econbiz.de/10011757115
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Income risk, precautionary saving, and loss aversion : an empirical test
Ibanez, Marcela; Schneider, Sebastian O. - 2023
This paper empirically examines the behavioral precautionary saving hypothesis that uncertainty about future income triggers an increase in saving because of loss aversion. Guided by the theoretical model of Koszegi and Rabin (2009), we first extend their theoretical analysis to also consider...
Persistent link: https://www.econbiz.de/10014312199
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Social Security, Unemployment, and Growth
Bräuninger, Michael - 2004
and growth. The social security system has two components: old age pensions and unemployment insurance. Pensions have a … direct effect on economic growth. Both pensions and unemployment benefits influence equilibrium unemployment caused by wage …
Persistent link: https://www.econbiz.de/10010295403
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Public pensions and immigration policy when voters are differently skilled
Krieger, Tim - 2004
Although immigration of workers generates a positive externality on members of domestic pension systems, many countries are very reluctant to allow foreigners into their labor markets. In a political economic framework, we explain this voting outcome by considering a young unskilled median voter...
Persistent link: https://www.econbiz.de/10010297094
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Pensions, Debt and Inflation Risk in a Monetary Union
Adema, Yvonne - 2010
-generations model, where one country has PAYG pensions and the other country has funded pensions. The paper shows that the PAYG country …
Persistent link: https://www.econbiz.de/10010326045
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Coping with rational prodigals : a theory of social security and savings subsidies
Homburg, Stefan - 2004
The rational prodigality argument, which often serves to justify social security, is considered in a second-best tax framework with endogenous labor supply. Rational prodigality renders the familiar policies time inconsistent. We analyze time consistent policies and show that a wage tax suffices...
Persistent link: https://www.econbiz.de/10010262919