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Eliciting Individual Preferences for Pension Reform

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  • Yosr Abid Fourati
  • Cathal O'Donoghue

Abstract

Pension systems have recently been under scrutiny because of the expected population ageing threatening its sustainability. This paper’s contribution to the debate is from a political economic perspective as it uses data from a Choice Experiment to investigate individual preferences for an alternative state pension scheme. Answers are used to estimate a life-cycle utility model of preferences towards pensions’ parameters. Results suggest that individuals’ value orientation is an important determinant of their preferences. Respondents’ income determines which degree of redistribution is preferred. However, preferences according to age are in contradiction with what is suggested in theory.

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File URL: http://www.cesifo-group.de/portal/page/portal/DocBase_Content/WP/WP-CESifo_Working_Papers/wp-cesifo-2009/wp-cesifo-2009-08/cesifo1_wp2770.pdf
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Bibliographic Info

Paper provided by CESifo Group Munich in its series CESifo Working Paper Series with number 2770.

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Date of creation: 2009
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Handle: RePEc:ces:ceswps:_2770

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Keywords: population ageing; pension system reform; redistribution; stated preferences;

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References

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  1. P.J.A. van Els & W.A. van den End & M.C.J. van Rooij, 2003. "Pensions and public opinion: a survey among Dutch households," MEB Series (discontinued), Netherlands Central Bank, Monetary and Economic Policy Department 2003-18, Netherlands Central Bank, Monetary and Economic Policy Department.
  2. Guido Tabellini, 1990. "A Positive Theory of Social Security," NBER Working Papers 3272, National Bureau of Economic Research, Inc.
  3. Heijden, E.C.M. van der & Nelissen, J.H.M. & Verbon, H.A.A., 1997. "Altruism and fairness in a public pension system," Open Access publications from Tilburg University urn:nbn:nl:ui:12-74782, Tilburg University.
  4. van Groezen, Bas & Kiiver, Hannah & Unger, Brigitte, 2009. "Explaining Europeans' preferences for pension provision," European Journal of Political Economy, Elsevier, Elsevier, vol. 25(2), pages 237-246, June.
  5. Mark Morrison & Jeff Bennett & Russell Blamey & Jordan Louviere, 2002. "Choice Modeling and Tests of Benefit Transfer," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, Agricultural and Applied Economics Association, vol. 84(1), pages 161-170.
  6. Nick Hanley & Robert Wright & Gary Koop, 2002. "Modelling Recreation Demand Using Choice Experiments: Climbing in Scotland," Environmental & Resource Economics, European Association of Environmental and Resource Economists, European Association of Environmental and Resource Economists, vol. 22(3), pages 449-466, July.
  7. Hall, Jane & Viney, Rosalie & Haas, Marion & Louviere, Jordan, 2004. "Using stated preference discrete choice modeling to evaluate health care programs," Journal of Business Research, Elsevier, Elsevier, vol. 57(9), pages 1026-1032, September.
  8. Fong, Christina, 2001. "Social preferences, self-interest, and the demand for redistribution," Journal of Public Economics, Elsevier, Elsevier, vol. 82(2), pages 225-246, November.
  9. Schwarze, Johannes & Harpfer, Marco, 2007. "Are people inequality averse, and do they prefer redistribution by the state?: Evidence from German longitudinal data on life satisfaction," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, Elsevier, vol. 36(2), pages 233-249, April.
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  11. Corneo, Giacomo & Gruner, Hans Peter, 2002. "Individual preferences for political redistribution," Journal of Public Economics, Elsevier, Elsevier, vol. 83(1), pages 83-107, January.
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  13. Hausman, Jerry & McFadden, Daniel, 1984. "Specification Tests for the Multinomial Logit Model," Econometrica, Econometric Society, Econometric Society, vol. 52(5), pages 1219-40, September.
  14. Massimiliano Mazzanti, 2003. "Discrete choice models and valuation experiments," Journal of Economic Studies, Emerald Group Publishing, Emerald Group Publishing, vol. 30(6), pages 584-604, October.
  15. Liam Delaney & Francis O' Toole, 2006. "Preferences for Specific Social Welfare Expenditure in Ireland," Working Papers, Geary Institute, University College Dublin 200608, Geary Institute, University College Dublin.
  16. Tito Boeri & Axel Börsch-Supan & Guido Tabellini, 2001. "Would you like to shrink the welfare state? A survey of European citizens," Economic Policy, CEPR;CES;MSH, CEPR;CES;MSH, vol. 16(32), pages 7-50, 04.
  17. Meltzer, Allan H & Richard, Scott F, 1981. "A Rational Theory of the Size of Government," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 89(5), pages 914-27, October.
  18. Kelvin J. Lancaster, 1966. "A New Approach to Consumer Theory," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 74, pages 132.
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Cited by:
  1. Pfarr, Christian & Ulrich, Volker, 2011. "Discrete-Choice-Experimente zur Ermittlung der Präferenzen für Umverteilung
    [Discrete-Choice-Experiments to elicit individuals' preferences for redistribution]
    ," MPRA Paper 31707, University Library of Munich, Germany.

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