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Seeking solutions to Vulnerability in Old Age: Preferences, constraints, and alternatives for coverage under Peru`s pension system

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  • Abigail Barr
  • Truman G. Packard

Abstract

Exploiting new data from a survey and behavioral experiment conducted in Peru we analyze indvidual`s preferences for securing income in old age. We identify a group that is unrationed by the mandate to save in Peru`s pension system, and draw insights from their affiliation and contribution behavior. Among the unrationed, those who are more tolerant of risk, have more children, and have a greater share of housing in their accumulated assets, are less likely to affiliate and/or contribute to the formal pensions sytem. Further, the less risk tolerant choose private individual retirement accounts over a publicly administered pension system.

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File URL: http://www.csae.ox.ac.uk/workingpapers/pdfs/2005-05text.pdf
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Bibliographic Info

Paper provided by University of Oxford, Department of Economics in its series Economics Series Working Papers with number WPS/2005-05.

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Date of creation: 01 Feb 2005
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Handle: RePEc:oxf:wpaper:wps/2005-05

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Keywords: Pensions; Vulnerability; Risk Preferences; Latin America;

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  1. Donkers, Bas & van Soest, Arthur, 1999. "Subjective measures of household preferences and financial decisions," Journal of Economic Psychology, Elsevier, vol. 20(6), pages 613-642, December.
  2. Holzmann, Robert & Packard, Truman & Cuesta, Jose, 2000. "Extending coverage in multi-pillar pension systems : constraints and hypotheses, preliminary evidence and future research agenda," Social Protection Discussion Papers 21303, The World Bank.
  3. Poterba, James M, 1988. "Are Consumers Forward Looking? Evidence from Fiscal Experiments," American Economic Review, American Economic Association, vol. 78(2), pages 413-18, May.
  4. Barr, Abigail & Packard, Truman, 2002. "Revealed preference and self-insurance - Can we learn from the self-employed in Chile?," Policy Research Working Paper Series 2754, The World Bank.
  5. Yamada, Gustavo, 1996. "Urban Informal Employment and Self-Employment in Developing Countries: Theory and Evidence," Economic Development and Cultural Change, University of Chicago Press, vol. 44(2), pages 289-314, January.
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Cited by:
  1. Javier OLIVERA, 2009. "Welfare, inequality and financial consequences of a multi-pillar pension system. A reform in Peru," Center for Economic Studies - Discussion papers ces09.11, Katholieke Universiteit Leuven, Centrum voor Economische Studiën.

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