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...

We present new evidence on financial literacy and retirement preparation in the Netherlands based on two surveys conducted before and after the onset of the financial crisis. We document that while financial knowledge did not increase from 2005 to 2010, significantly more individuals planned for...

This paper examines the role of time preferences in career investments. We focus on the effects of impatience on two types of career investments: work effort and on-the-job search. Whereas the former increases the probability of obtaining a promotion, the latter affects the chance of receiving...

Survey data show that many respondents save for retirement in unconventional retirement accounts, such as investments in real estate. In countries where retirement savings are not mandatory for self-employed, representatives of this group often report this as an argument against making...

We quantified the relative importance of the precautionary motive in determining savings. Existing empirical evidence suggests that the impact of precautionary savings is small if one uses a subjective measure of uncertainty about next year income. However, other studies use an ‘objective'...

This paper analyzes the income distribution of the Dutch elderly using a microsimulation model. Microsimulation models allow for detailed estimates on the whole income distribution. Our model deviates from traditional models by explicitly considering the persistency and heteroskedasticity of...

We use probabilistic survey questions to analyze the determinants of individuals’ expected value of and the uncertainty in the retirement income replacement rate. We find that the expected replacement rate is U-shaped in age and is substantially lower for highereducated individuals....