AbstractThis article, based on two books (2008, forthcoming), sets out principles for pension design: pension systems have multiple objectives, analysis should consider the pension system as a whole, analysis should be in a second-best context, different systems share risks differently and have different effects by generation and by gender. The article considers policy implications: there is no single best pension design; earlier retirement does not reduce unemployment; unsustainable pension promises should be addressed directly; adding funding in a PAYG mandatory system may or may not be welfare improving; and implementation matters – design should not exceeds a country’s capacity to implement.
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Bibliographic InfoPaper provided by CESifo Group Munich in its series CESifo Working Paper Series with number 2523.
Date of creation: 2009
Date of revision:
pension; social security;
Other versions of this item:
- Nicholas Barr & Peter Diamond, 2008. "Reforming Pensions," Working Papers, Center for Retirement Research at Boston College wp2008-26, Center for Retirement Research.
- H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Robert Holzmann & Richard Hinz, 2005. "Old Age Income Support in the 21st century: An International Perspective on Pension Systems and Reform," World Bank Publications, The World Bank, number 7336.
- John Beshears & James J. Choi & David Laibson & Brigitte C. Madrian, 2009.
"The Importance of Default Options for Retirement Saving Outcomes: Evidence from the United States,"
in: Social Security Policy in a Changing Environment, pages 167-195
National Bureau of Economic Research, Inc.
- John Beshears & James J. Choi & David Laibson & Brigitte C. Madrian, 2005. "The importance of default options for retirement saving outcomes: evidence from the United States," CeRP Working Papers 43, Center for Research on Pensions and Welfare Policies, Turin (Italy).
- John Beshears & James J. Choi & David Laibson & Brigitte C. Madrian, 2006. "The Importance of Default Options for Retirement Savings Outcomes: Evidence from the United States," NBER Working Papers 12009, National Bureau of Economic Research, Inc.
- Richard H. Thaler & Shlomo Benartzi, 2004. "Save More Tomorrow (TM): Using Behavioral Economics to Increase Employee Saving," Journal of Political Economy, University of Chicago Press, vol. 112(S1), pages S164-S187, February.
- Peter Diamond, 2000.
"Social Security Reform,"
'Angelo Costa' Lectures Serie,
SIPI Spa, issue Lect. I.
- James J. Choi & David Laibson & Brigitte C. Madrian & Andrew Metrick, 2002.
"Defined Contribution Pensions: Plan Rules, Participant Decisions, and the Path of Least Resistance,"
JCPR Working Papers
257, Northwestern University/University of Chicago Joint Center for Poverty Research.
- James J. Choi & David Laibson & Brigitte C. Madrian & Andrew Metrick, 2001. "Defined Contribution Pensions: Plan Rules, Participant Decisions, and the Path of Least Resistance," NBER Working Papers 8655, National Bureau of Economic Research, Inc.
- Loewenstein, George & Ubel, Peter A., 2008. "Hedonic adaptation and the role of decision and experience utility in public policy," Journal of Public Economics, Elsevier, vol. 92(8-9), pages 1795-1810, August.
- Martin Feldstein, 2005.
"Structural Reform of Social Security,"
NBER Working Papers
11098, National Bureau of Economic Research, Inc.
- Brigitte C. Madrian & Dennis F. Shea, 2001.
"THE POWER OF SUGGESTION: INERTIA IN 401(k) PARTICIPATION AND SAVINGS BEHAVIOR,"
The Quarterly Journal of Economics,
MIT Press, vol. 116(4), pages 1149-1187, November.
- Brigitte C. Madrian & Dennis F. Shea, 2000. "The Power of Suggestion: Inertia in 401(k) Participation and Savings Behavior," NBER Working Papers 7682, National Bureau of Economic Research, Inc.
- Waldo Tapia & Juan Yermo, 2007. "Implications of Behavioural Economics for Mandatory Individual Account Pension Systems," OECD Working Papers on Insurance and Private Pensions 11, OECD Publishing.
- Brooks,Robin & Razin,Assaf (ed.), 2005. "Social Security Reform," Cambridge Books, Cambridge University Press, number 9780521844956.
- Feldstein, Martin, 2005. "Structural Reform of Social Security," Scholarly Articles 2794830, Harvard University Department of Economics.
- Alexander M. Danzer, 2010.
"Retirement Responses to a Generous Pension Reform: Evidence from a Natural Experiment in Eastern Europe,"
ESCIRRU Working Papers
23, DIW Berlin, German Institute for Economic Research.
- Danzer, Alexander M., 2010. "Retirement Responses to a Generous Pension Reform: Evidence from a Natural Experiment in Eastern Europe," IZA Discussion Papers 4726, Institute for the Study of Labor (IZA).
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