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Is Information Overrated? Evidence from the Pension Domain

Author

Listed:
  • Henriette Prast
  • Federica Teppa
  • Anouk Smits

Abstract

This paper presents empirical evidence from the Netherlands indicating that the current policy based on information is unlikely to help people make the pension choices required in a system in which employees are the ultimate bearers of asset market risk. This holds even if information is made easier to understand, disseminated by the relevant media, and provided made to measure. The paper offers a behavioral explanation of the findings and concludes that policy makers, financial supervisors, and the pension industry should adopt alternative instruments for helping employees make good choices. These strategies may be useful in the context of recent proposals for a structural change of the pension system, including the increase in the eligibility age for the first layer pension (AOW).

Suggested Citation

  • Henriette Prast & Federica Teppa & Anouk Smits, 2012. "Is Information Overrated? Evidence from the Pension Domain," DNB Working Papers 360, Netherlands Central Bank, Research Department.
  • Handle: RePEc:dnb:dnbwpp:360
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    File URL: https://www.dnb.nl/en/binaries/Working%20Paper%20360_tcm47-282363.pdf
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    Cited by:

    1. repec:eee:jhouse:v:38:y:2017:i:c:p:25-37 is not listed on IDEAS
    2. Dillingh, Rik, 2016. "Empirical essays on behavioral economics and lifecycle decisions," Other publications TiSEM 0e2143e3-bd86-4302-90eb-e, Tilburg University, School of Economics and Management.

    More about this item

    JEL classification:

    • D1 - Microeconomics - - Household Behavior
    • D84 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Expectations; Speculations
    • I3 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty
    • H3 - Public Economics - - Fiscal Policies and Behavior of Economic Agents

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