648 research outputs found
Individual heterogeneity and pension choices. Evidence from Italy
No full textThe 2007 Italian pension reform allowed transferring future severance pay contributions into a pension fund. Although this was accompanied by an information campaign advising employees to make the transfer, only a minority of them did so. We analyze the heterogeneity in employees’ choices using micro panel data from the Bank of Italy household survey. Two are the main findings. First, the decision to transfer and pension fund participation after the reform are more likely for more (financially) educated and older individuals, with high household income and wealth, and less likely for female employees, in the South, and in small firms. Second, framing the analysis within the Elaboration Likelihood Model highlights that the cognitive processes underlying the decision on pension fund participation may be quite different. The decision consciousness is lower for employees working in small firms, where employers have an incentive to stimulate workers to deny the transfer
Care for Elderly Parents, Siblings’ Interactions and Gender
Full text linkWe analyze how siblings interact when deciding informal care provision to their elderly parent. We consider a non-cooperative model of the children’s care decisions, allowing productivity of care provision to vary with the child’s gender. We show that this implies that the strategic interaction effects depend on the siblings’ gender composition. The theory leads to a simultaneous bivariate tobit model. Estimation results suggest that sons’ and daughters’ free-riding behavior is significantly larger when the sibling is a sister. This is in line with a higher care
provision productivity for women and can explain why women more often provide informal care than men do
Estimation of the indirect translog demand system with binding non-negativity constraints
Full text linkConsumption Function;econometrics
Individual Heterogeneity and Pension Choices: Evidence from Italy
Full text linkThe 2007 Italian pension reform allowed transferring future severance pay contributions into a pension fund. Although this was accompanied by an information campaign advising employees to make the transfer, only a minority of them did so. We analyze the heterogeneity in employees’ choices using micro panel data from the Bank of Italy household survey. Two are the main findings. First, the decision to transfer and pension fund participation after the reform are more likely for more (financially) educated and older individuals, with high household income and wealth, and less likely for female employees, in the South, and in small firms. Second, framing the analysis within the Elaboration Likelihood Model highlights that the cognitive processes underlying the decision on pension fund participation may be quite different. The decision consciousness is lower for employees working in small firms, where employers have an incentive to stimulate workers to deny the transfer
Subjective inheritance expectations and economic outcomes
Full text linkIn this paper we investigate whether and to what extent inheritance expectations act as a driver of economic choices. We use survey data that are representative of the Dutch adult population with a specific module on subjective probabilities on receiving an inheritance and its amount in the next 10 years. We analyze whether the expected inheritance acts as a deterrent to saving. Results suggest that individuals perceive the expected inheritances as a potential increase of personal wealth, which leads to a reduction in savings. Expectations also appear to matter for the intentions to bequeath and for intended choices on work versus leisure in the future
Household preferences for Socially Responsible Investments
Full text linkWe analyze revealed and stated household preferences for socially responsible investments (SRI). Using a questionnaire specifically designed for this purpose and administered to a Dutch representative household panel, we investigate the actual and latent demand for SRI products. Respondents reported whether they owned SRI products and why or why not, but also answered stated choice questions on traditional investments and hypothetical socially responsible products with an explicit return penalty and/or an in- kind compensation associated with lower return. Our results show that investors attracted by socially responsible financial products are more interested in the social product as such and show little interest in compensation. The magnitude of the penalty for investing in SRI is not diluting their investment intentions
Item Nonresponse, Unfolding Brackets, and Anchoring
No full textLink to publication Citation for published version (APA): Vazquez-Alvarez, R., Melenberg, B., & van Soest, A. H. O. (2001). Nonparametric Bounds in the Presence o
Estimating the demand for new social investment in the Netherlends
No full textIn this paper we analyze actual behavior and stated preferences with respect to social responsible investments. We design a specific questionnaire targeted to a sample representative of the Dutch population. We show that there is a latent demand for these kind of investments which has not been met yet. In particular, our analysis indicates that financial institutions have not managed to monetize the strong interest shown by highly educated individuals, as well as women. We offer suggestive evidence that certain forms of ethical investments may be more (or less) effective in attracting these individuals
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