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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. 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, vol. 36(2), pages 233-249, April.
  2. Fong, Christina, 2001. "Social preferences, self-interest, and the demand for redistribution," Journal of Public Economics, Elsevier, vol. 82(2), pages 225-246, November.
  3. Massimiliano Mazzanti, 2003. "Discrete choice models and valuation experiments," Journal of Economic Studies, Emerald Group Publishing, vol. 30(6), pages 584-604, October.
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  6. 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) 2003-18, Netherlands Central Bank, Monetary and Economic Policy Department.
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  11. van Groezen, Bas & Kiiver, Hannah & Unger, Brigitte, 2009. "Explaining Europeans' preferences for pension provision," European Journal of Political Economy, Elsevier, vol. 25(2), pages 237-246, June.
  12. Hausman, Jerry & McFadden, Daniel, 1984. "Specification Tests for the Multinomial Logit Model," Econometrica, Econometric Society, vol. 52(5), pages 1219-40, September.
  13. 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, vol. 57(9), pages 1026-1032, September.
  14. Browning, Edgar K, 1975. "Why the Social Insurance Budget Is Too Large in a Democracy," Economic Inquiry, Western Economic Association International, vol. 13(3), pages 373-88, September.
  15. Corneo, Giacomo & Grüner, Hans Peter, 2001. "Individual Preferences for Political Redistribution," CEPR Discussion Papers 2694, C.E.P.R. Discussion Papers.
  16. Kelvin J. Lancaster, 1966. "A New Approach to Consumer Theory," Journal of Political Economy, University of Chicago Press, vol. 74, pages 132.
  17. Samuel Bowles & Herbert Gintis, 2000. "Reciprocity, Self-Interest and the Welfare State," Nordic Journal of Political Economy, Nordic Journal of Political Economy, vol. 26, pages 33-53.
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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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