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Multiple information search and employee participation in occupational pension plans

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  • Johansen, Kathrin
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    Abstract

    Multiple searches for information can increase individual participation in occupational pension programs. This paper tests hypotheses derived from transaction cost theory and search theory to explain the formation of information networks on pensions. Using a dataset representative of the German population, we empirically investigate the determinants of network formation with respect to information about occupational pensions. We find that transaction costs, provision of information by the employer, quality of the intermediary, and subjective concern with this topic increase willingness to participate in a network and increase the number of network partners. --

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    File URL: http://econstor.eu/bitstream/10419/39764/1/621443077.pdf
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    Bibliographic Info

    Paper provided by University of Rostock, Institute of Economics in its series Thuenen-Series of Applied Economic Theory with number 114.

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    Date of creation: 2010
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    Handle: RePEc:zbw:roswps:114

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    Keywords: information search; occupational pensions; network formation;

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    1. Angela A. Hung & Joanne Yoong, 2010. "Asking for Help: Survey And Experimental Evidence on Financial Advice And Behavior Change," Working Papers 714-1, RAND Corporation Publications Department.
    2. de Janvry, Alain & Sadoulet, Elisabeth & Winters, Paul C. & Murgai, Rinku, 2000. "Localized and Incomplete Mutual Insurance," Working Papers 12905, University of New England, School of Economics.
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    5. Hirshleifer, Jack, 1971. "The Private and Social Value of Information and the Reward to Inventive Activity," American Economic Review, American Economic Association, vol. 61(4), pages 561-74, September.
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    7. De Weerdt, Joachim & Dercon, Stefan, 2006. "Risk-sharing networks and insurance against illness," Journal of Development Economics, Elsevier, vol. 81(2), pages 337-356, December.
    8. Marcel Fafchamps & Flore Gubert, 2005. "The Formation of Risk Sharing Networks," Working Papers DT/2005/13, DIAL (Développement, Institutions et Mondialisation).
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    10. Davidson, Russell & MacKinnon, James G., 1993. "Estimation and Inference in Econometrics," OUP Catalogue, Oxford University Press, number 9780195060119.
    11. Angela A. Hung & Erik Meijer & Kata Mihaly & Joanne Yoong, 2009. "Building Up, Spending Down: Financial Literacy, Retirement Savings Management, and Decumulation," Working Papers 712, RAND Corporation Publications Department.
    12. Adaman, Fikret & Ardic, Oya Pinar & Tuzemen, Didem, 2006. "Network Effects in Risk Sharing and Credit Market Access: Evidence from Istanbul," MPRA Paper 4078, University Library of Munich, Germany, revised 01 Dec 2006.
    13. George J. Stigler, 1961. "The Economics of Information," Journal of Political Economy, University of Chicago Press, vol. 69, pages 213.
    14. Dummann, Kathrin, 2008. "What determines supply and demand for occupational pensions in Germany?," Journal of Pension Economics and Finance, Cambridge University Press, vol. 7(02), pages 131-156, July.
    15. David McCarthy, 2006. "The Rationale for Occupational Pensions," Oxford Review of Economic Policy, Oxford University Press, vol. 22(1), pages 57-65, Spring.
    16. Pagano, Marco & Jappelli, Tullio, 1993. " Information Sharing in Credit Markets," Journal of Finance, American Finance Association, vol. 48(5), pages 1693-1718, December.
    17. Diamond, Douglas W, 1984. "Financial Intermediation and Delegated Monitoring," Review of Economic Studies, Wiley Blackwell, vol. 51(3), pages 393-414, July.
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