We analyze the effect of means-tested benefits on annuitization decisions. Most industrialized countries provide a subsistence level consumption floor in old age, usually in the form of means-tested benefits. The availability of such means-tested payments creates an incentive to cash out...

We analyze the effect of means-tested benefits on annuitization decisions. Most industrialized countries provide a subsistence level consumption floor in old age, usually in the form of means-tested benefits. The availability of such means-tested payments creates an incentive to cash out...

We analyze the effect of means-tested benefits on annuitization decisions. Most industrialized countries provide a subsistence level consumption floor in old age, usually in the form of means-tested benefits. The availability of such means-tested payments creates an incentive to cash out...

A means tested minimum income for old age creates an incentive for some not to save for old age and instead to free ride. Recent literature is undecided to what extent this inefficient savings distortion should be addressed by a compulsory pension system because resulting labour-leisure...

A means tested minimum income for old age creates in incentive for some not to save for old age and instead to free ride. Recent literature is undecided to what extent this inefficient savings distortion should be even worse. In a simple optimal taxation framework we show that it is Pareto...