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To counteract the financial pressure emerging in aging societies, statutory pay-as-you-go pension schemes are undergoing fundamental reforms in many Western countries. Starting with cohort 1937, Germany introduced permanent pension deductions for early retirement. This paper examines the...
Persistent link: https://www.econbiz.de/10010362934
How to invest and decumulate wealth during retirement has far-reaching consequences for consumption during retirement. We conduct an online experiment among 2,500 individuals representative of the adult German population. First, we investigate the choice between phased withdrawal plans with...
Persistent link: https://www.econbiz.de/10014311911
We empirically investigate the distributional consequences of the Riester scheme, the main private pension subsidization program in Germany. We find that 38% of the aggregate subsidy accrues to the top two deciles of the population, but only 7.3% to the bottom two. Nonetheless the Riester scheme...
Persistent link: https://www.econbiz.de/10011281656
personalized feedback consisting of recommendations to self-set saving goals. These recommendations trigger increases in savings of … address crowding-out behavior into other forms of saving. …
Persistent link: https://www.econbiz.de/10012126111
We study the role of household saving behaviour, of individual motives for saving and that of perceived liquidity … homogeneity across countries with respect to saving preferences and the relative importance of different motives for saving. In … of respondents. Households living in Mediterranean countries report to be more subject to binding liquidity constraints …
Persistent link: https://www.econbiz.de/10010388544
We revisit the alleged retirement consumption puzzle. According to the life-cycle theory, foreseeable income reductions such as those around retirement should not affect consumption. However, we first recall that given higher leisure endowments after retirement, the theory does predict a fall of...
Persistent link: https://www.econbiz.de/10011455042
their current pension claims across all pillars of the pension system. We combine survey and administrative bank data to … measure the effects on actual saving behavior. Access to the tool decreases pension uncertainty for treated individuals …
Persistent link: https://www.econbiz.de/10013399826
-induced extreme weather events, An underexplored question is whether and how climate-related natural hazards affect household saving … differences-in-differences setting, We find that flood exposure depresses household saving behavior in the medium run, The most … likely explanation is moral hazard induced by massive government support for affected households. …
Persistent link: https://www.econbiz.de/10015095090
Persistent link: https://www.econbiz.de/10015445559
The role of friends in the US opioid epidemic is examined. Using data from the National Longitudinal Survey of Adolescent Health (Add Health), adults aged 25-34 and their high school best friends are focused on. An instrumental variable technique is employed to estimate peer effects in opioid...
Persistent link: https://www.econbiz.de/10015110335