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Current identifiable biases in Italian pension fund enrolment decisions

Author

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  • Andrea Lippi

    (Università Cattolica di Piacenza)

Abstract

Previous researches have demonstrated that consumer decisions could be affected by some biases in the supplementary pension field. Decisionmaking is very often not guided by rationality, and in many cases, if forced to choose, people will decide not to decide, passively accepting the decisions made by others. Such behaviour deserves to be analyzed and studied in order to better understand its consequences, and determine whether the latter can be turned to the advantage of the decision-makers themselves. Using a database of 24 occupational pension funds representing 1.7 million employees, this paper examines the presence of default bias and extremeness aversion in Italian workers’ choices regarding the supplementary pension system, as a result of the new rules enacted in 2007.The results provide insights which are important for public policy as regards the possibility of taking account of these biases when formulating the regulation, benefiting employees

Suggested Citation

  • Andrea Lippi, 2013. "Current identifiable biases in Italian pension fund enrolment decisions," BANCARIA, Bancaria Editrice, vol. 2, pages 26-38, February.
    • Handle: RePEc:ban:bancar:v:2:y:2013:m:february:p:26-38
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    More about this item

    JEL classification:

    • G02 - Financial Economics - - General - - - Behavioral Finance: Underlying Principles
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • I22 - Health, Education, and Welfare - - Education - - - Educational Finance; Financial Aid

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