Showing 1 - 10 of 349
This paper studies the design of pension schemes in a society where fertility is endogenous and parents differ in their ability to raise children. In a world with perfect information, a pay-as-you-go social security system is characterized by equal pensions for all but different contributions...
Persistent link: https://www.econbiz.de/10005792304
This paper presents new evidence on how the annuitization decision is affected by changes in the annuity's value. We take advantage of an unprecendented change in policy, which in 2004 moderated the super-mandatory Swiss occupational pension scheme: The 20 percent reduction in the rate at which...
Persistent link: https://www.econbiz.de/10005504637
When entering retirement most people face the decision whether they would like their defined contribution account balance paid as a lump sum or to annuitize the amount. The fact that people tend to choose the lump sum even if economic reasons suggest not to is called the annuity puzzle. In a...
Persistent link: https://www.econbiz.de/10011165648
Transfers to women may affect their bargaining power within the household and consequently their well-being. We analyze the effects of a pension reform in Argentina that resulted in an unexpected and substantial increase in permanent income for around 1.8 million senior women (women 60 years and...
Persistent link: https://www.econbiz.de/10011084362
This study investigates the determinants of applications for US disability benefits between 1986 and 1993 using a semiparametric discrete factor procedure. Approximating a dynamic optimization model, the estimation carefully accounts for a variety of potential biases that weren’t addressed in...
Persistent link: https://www.econbiz.de/10005656334
transitions among labour force states defined by the employment status of both spouses. The analysis indicates that the … probability of one spouse exiting employment is much larger if the other spouse is not employed than if the other spouse is … employed. Similarly, one member of a couple is much more likely to enter employment if the spouse is employed than if the …
Persistent link: https://www.econbiz.de/10005656456
An opinion poll on a representative sample of Italian citizens suggests that it does. We focus on reforms that would lengthen retirement age and/or cut pension benefits. After controlling for individual features of the respondent, we find that individuals who are more informed about the costs...
Persistent link: https://www.econbiz.de/10005662128
Social insurance for the elderly is judged responsible for the widely observed trend towards early retirement. In a world of laissez-faire or in a first-best setting, there would be no such trend. However, when first-best instruments are not available, because health and productivity are not...
Persistent link: https://www.econbiz.de/10005662373
We use a unique dataset on individual retirement decisions in Swiss pension funds to analyze the choice between an annuity and a lump sum at retirement. Our analysis suggests the existence of an 'acquiescence bias', meaning that a majority of retirees chooses the standard option offered by the...
Persistent link: https://www.econbiz.de/10005666965
such as the social security wealth. Then, we use three different incentive measures based on the notion of social security … wealth. In a third step, we perform an empirical estimation of micro-econometric probit and option value models. From our … exceptionally rich and broad database, we are able to compute a rather accurate measure of all individuals’ pension wealth, as well …
Persistent link: https://www.econbiz.de/10005792016