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Do Economic Policymakers Practice what they Preach? The Case of Pension Decisions

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Author Info
Momi Dahan ()
Tehila Kogut ()
Moshe Shalem ()
Abstract

This paper examines whether policymakers, economists at the Israeli Finance Ministry, act in their personal pension decisions in accordance with the rational behaviour assumptions underlying the pension policies they advance. We find that while economists' decisions regarding three other important decisions such as buying an apartment, a car and a large appliance, are largely in line with rational models, pension decisions deviate significantly from these models. A large share of these policymakers hardly search for relevant information regarding their chosen pension fund, do not know the most necessary information and consider only one option before choosing the preferred pension fund. A significant difference was found between specialized policymakers (economists in the Pension Division) and general policymakers (economists in all other Divisions) showing that specialized policymakers are significantly less biased.

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Paper provided by CESifo Group Munich in its series CESifo Working Paper Series with number CESifo Working Paper No. 2783.

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Date of creation: 2009
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Handle: RePEc:ces:ceswps:_2783

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Related research
Keywords: policymaking; pension decisions; expert; rational choice;

Find related papers by JEL classification:
A10 - General Economics and Teaching - - General Economics - - - General
A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
G23 - Financial Economics - - Financial Institutions and Services - - - Pension Funds; Other Private Financial Institutions
H00 - Public Economics - - General - - - General

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