Eliciting Individual Preferences for Pension Reform
Pension systems have recently been under scrutiny because of the expected population ageing threatening its sustainability. This paperâ€™s contribution to the debate is from a political economic perspective as it uses data from a Choice Experiment to investigate individual preferences for an alternative state pension scheme. Answers are used to estimate a life-cycle utility model of preferences towards pensionsâ€™ parameters. Results suggest that individualsâ€™ value orientation is an important determinant of their preferences. Respondentsâ€™ income determines which degree of redistribution is preferred. However, preferences according to age are in contradiction with what is suggested in theory.
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