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Pension Wealth and Household Savings: Tests of Robustness

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  • Louis Dicks-Mireaux
  • Mervyn A. King
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    Abstract

    A substantial literature exists on the impact of pension schemes, both public and private, on the level of household saving. Yet there is no clear consensus on the impact of pensions on private saving. In this paper we show how beliefs about this displacement effect are modified by prior beliefs both about variables which ntight be relevant in an equation for private savings and about the magnitude of the displacement effect. Using data for 8,279 Canadian households, and estimates of pension wealth (both private and social security) which we construct for each household in the sample, the estimated displacement effects are found to be relatively robust with respect to both types of prior belief.

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    Bibliographic Info

    Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 0962.

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    Date of creation: Aug 1982
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    Publication status: published as Dicks-Mireaux, Louis and Mervyn A. King. "Pension Wealth and Household Savings: Tests of Robustness." Journal of Public Economics, Vol. 23, No. 1, 1984, pp. 115-139.
    Handle: RePEc:nbr:nberwo:0962

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    1. Danziger, Sheldon & Haveman, Robert & Plotnick, Robert, 1981. "How Income Transfer Programs Affect Work, Savings, and the Income Distribution: A Critical Review," Journal of Economic Literature, American Economic Association, vol. 19(3), pages 975-1028, September.
    2. Phelim Boyle & John Murray, 1979. "Social Security Wealth and Private Saving in Canada," Canadian Journal of Economics, Canadian Economics Association, Canadian Economics Association, vol. 12(3), pages 456-68, August.
    3. Mervyn A. King & Louis Dicks-Mireaux, 1981. "Asset Holdings and the Life Cycle," NBER Working Papers 0614, National Bureau of Economic Research, Inc.
    4. Heckman, James, 2013. "Sample selection bias as a specification error," Applied Econometrics, Publishing House "SINERGIA PRESS", Publishing House "SINERGIA PRESS", vol. 31(3), pages 129-137.
    5. Barro, Robert J, 1974. "Are Government Bonds Net Wealth?," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 82(6), pages 1095-1117, Nov.-Dec..
    6. Cooley, Thomas F & LeRoy, Stephen F, 1981. "Identification and Estimation of Money Demand," American Economic Review, American Economic Association, American Economic Association, vol. 71(5), pages 825-44, December.
    7. Philip Cagan, 1965. "The Effect of Pension Plans on Aggregate Saving: Evidence from a Sample Survey," NBER Books, National Bureau of Economic Research, Inc, number caga65-2, October.
    8. Kotlikoff, Laurence J, 1979. "Testing the Theory of Social Security and Life Cycle Accumulation," American Economic Review, American Economic Association, American Economic Association, vol. 69(3), pages 396-410, June.
    9. James J. Heckman, 1976. "The Common Structure of Statistical Models of Truncation, Sample Selection and Limited Dependent Variables and a Simple Estimator for Such Models," NBER Chapters, in: Annals of Economic and Social Measurement, Volume 5, number 4, pages 475-492 National Bureau of Economic Research, Inc.
    10. Diamond, P. A. & Hausman, J. A., 1984. "Individual retirement and savings behavior," Journal of Public Economics, Elsevier, Elsevier, vol. 23(1-2), pages 81-114.
    11. King, M A & Dicks-Mireaux, L-D L, 1982. "Asset Holdings and the Life-Cycle," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 92(366), pages 247-67, June.
    12. Greene, William H, 1981. "Sample Selection Bias as a Specification Error: Comment," Econometrica, Econometric Society, Econometric Society, vol. 49(3), pages 795-98, May.
    13. Martin Feldstein & Anthony J. Pellechio, 1980. "Social Security and Household Wealth Accumulation: New Microeconomic Evidence," NBER Working Papers 0206, National Bureau of Economic Research, Inc.
    14. Martin Feldstein, 1980. "Social Security Benefits and the Accumulation of Preretirement Wealth," NBER Working Papers 0477, National Bureau of Economic Research, Inc.
    15. Munnell, Alicia H, 1976. "Private Pensions and Saving: New Evidence," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 84(5), pages 1013-32, October.
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