Studies have found evidence that seemingly irrelevant details of an income component such as its label have an effect on how it is used. Using a data set with more than one million employee-month observations, we investigate the role of functional form assumptions and time aggregation in the...

We consider longevity risk hedging problems, where survivor swaps are available as hedging instruments. As objective functions we consider the mean-variance and the mean-conditional-value-at-risk of the hedged liabilities, evaluated using an estimated probability law governing the mortality...

Forecasted mortality rates using mortality models proposed in the recent literature are sensitive to the sample size. In this paper we propose a method based on Bayesian learning to determine model-specific posterior distributions of the sample sizes. In particular, the sample size is included...

The vast literature on extrapolative stochastic mortality models mainly focuses on the extrapolation of past mortality trends and summarizes the trends by one or more latent factors. However, the interpretation of these trends is typically not very clear. On the other hand, explanation methods...

We use individual life-history data on twelve European countries to investigate the role of temptation in explaining the decision to become home-owners relatively late in life. The model we consider takes into account the standard motives for saving and investing in illiquid assets such as...

We use the subjective probabilities of bequests to be given in the future and current asset holdings, as reported in three household surveys (HRS, ELSA, and SHARE) covering thirteen countries, in order to assess whether, and to what extent, households plan to decumulate assets in old age. We...

This paper investigates what motivates intergenerational time and money transfers. We consider a model in which transfers may be driven not only by altruism, but also by exchange considerations. We use data from SHARE to discriminate between the two motives. We show that both if we consider...

Using Italian data, we estimate an option value model to quantify the effect of financial incentives on retirement choices. As far as we know, this is the first empirical study to estimate the conditional multiple-years model put forward by Stock and Wise (1990). This implies that we account for...

We use a confirmatory factor analysis to study the relation between the importance of a broad spectrum of saving motives, such as saving for retirement, and saving behavior. Survey data show that many respondents save for retirement in unconventional retirement accounts, such as investments in...

This paper examines the association between lifetime income and old age mortality risk, referred to as the income-mortality gradient, in Italy during the 1980s and 1990s. We extend the literature by estimating the income-mortality gradient using Cox proportional hazard models, where the...