A Framework for Pension Policy Analysis in Ireland: PENMOD, a Dynamic Simulation Model
AbstractThis paper describes a structural dynamic microsimulation model of the household that has been developed to explore behavioural responses to pensions policy counterfactuals in Ireland. The model is based upon the life-cycle theory of behaviour, which assumes that individuals make their decisions to maximise expected lifetime utility, subject to expectations that are consistent with the prevailing decision making environment. The model is calibrated to match Irish survey data.
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Bibliographic InfoPaper provided by Economic and Social Research Institute (ESRI) in its series Papers with number WP400.
Date of creation: Aug 2011
Date of revision:
data/Dynamic Programming; Savings; Labor Supply; Pensions/Individuals/Ireland;
Other versions of this item:
- Callan, Tim & van de Ven, Justin & Keane, Claire & O'Connell, Philip J., 2012. "A Framework for Pension Policy Analysis in Ireland: PENMOD, a Dynamic Simulation Model," Book Chapters, in: Callan, Tim (ed.), Analysing Pensions: Modelling and Policy Issues, pages 43-101 Economic and Social Research Institute (ESRI).
- C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
- C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
- C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques
- H31 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - Household
This paper has been announced in the following NEP Reports:
- NEP-AGE-2011-08-29 (Economics of Ageing)
- NEP-ALL-2011-08-29 (All new papers)
- NEP-CMP-2011-08-29 (Computational Economics)
- NEP-DGE-2011-08-29 (Dynamic General Equilibrium)
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