We used nine waves of the Bank of Italy’s Survey on Household income and Wealth (1995-2012) to investigate a possible trade-off between homeownership and individual participation in a supplementary pension scheme. Italy lends itself to this type of investigation because the Italian public...

This paper explores the consequences of pension reforms in Western Europe in a world economy setting. Whereas various economic and social consequences of ageing have been investigated in OECD countries, very few analyses have explicitly taken the worldwide aspect of the problem into account. In...

This paper provides an introduction to the field of evolutionary economics with emphasis on the evolutionary theory of household behavior. It shows that the goal of evolutionary economics is to improve upon neoclassical economics by incorporating more realistic and empirically grounded...

We collect 2,735 estimates of the elasticity of intertemporal substitution in consumption from 169 published studies that cover 104 countries during different time periods. The estimates vary substantially from country to country, even after controlling for 30 aspects of study design. Our...

The mandatory pension system in Finland includes survivors’ pensions to surviving spouses. The survivors’ pension scheme has been criticized on equity grounds because it represents a significant net transfer from singles to certain type of married couples. However, before possibly...

Increasingly, individuals are in charge of their own financial security and are confronted with ever more complex financial instruments. However, there is evidence that many individuals are not well-equipped to make sound saving decisions. This paper demonstrates widespread financial illiteracy...

Retired homeowners dissave more slowly than renters, which suggests that homeownership affects retirees' saving decisions. We investigate empirically and theoretically the life-cycle patterns of housing and total assets in retirement. Using an estimated structural model of saving and housing...

On average, “young”people underestimate whereas “old”people overestimate their chances to survive into the future. We adopt a Bayesian learning model of ambiguous survival beliefs which replicates these patterns. The model is em-bedded within a non-expected utility model of...

Magyarországon a társadalombiztosítási nyugdíjrendszer finanszírozása a következő évtizedek demográfiai átmenete során fokozódó terhet fog róni az állami költségvetésre. A tanulmány egy magyar gazdaságra kalibrált, kis, nyitott gazdaság (kockázati felárat, együttélő...

Ebben a dolgozatban az együttélő nemzedékek modelljének sok korosztályos általánosítását vizsgáljuk, nevezetesen az együttélő korosztályok modelljét (angol rövidítés: OLC). Minden időszakban a különböző korú szereplők előrejelzéseket tesznek az életük végéig...