Pension Entitlements and Wealth Accumulation
Variation in non-pension wealth accumulation with the level of expected pensions is investigated with a register based, linked employer-employee dataset. This includes wealth components, earnings history and demographic information, supplemented with detailed calculations of public and occupational pension entitlements, allowing construction of full life time income trajectories. Regressions are run on the half of the population with some wealth and therefore the option of consumption smoothing. The results imply substantial offsets of pension wealth against other private wealth, mostly financial. Although pension benefits are related to earnings, the regressive structure of the public pension and incomplete coverage of occupational pensions provide independent variation in pensions. Panel estimation provides support for the cross section results. Heterogeneity and selection bias are investigated with estimation on a variety of sub-samples.
|Date of creation:||02 Feb 2009|
|Contact details of provider:|| Postal: Department of Economics, University of Oslo, P.O Box 1095 Blindern, N-0317 Oslo, Norway|
Phone: 22 85 51 27
Fax: 22 85 50 35
Web page: http://www.oekonomi.uio.no/indexe.html
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Euwals, Rob, 2000. "Do Mandatory Pensions Decrease Household Savings? Evidence for the Netherlands," IZA Discussion Papers 113, Institute for the Study of Labor (IZA).
- James M. Poterba & Steven F. Venti & David A. Wise, 2001.
"The Transition to Personal Accounts and Increasing Retirement Wealth: Macro and Micro Evidence,"
NBER Working Papers
8610, National Bureau of Economic Research, Inc.
- James M. Poterba & Steven F. Venti, 2004. "The Transition to Personal Accounts and Increasing Retirement Wealth: Macro- and Microevidence," NBER Chapters, in: Perspectives on the Economics of Aging, pages 17-80 National Bureau of Economic Research, Inc.
- Hernaes, Erik & Sollie, Marte & Strom, Steinar, 2000.
" Early Retirement and Economic Incentives,"
Scandinavian Journal of Economics,
Wiley Blackwell, vol. 102(3), pages 481-502, June.
- Gale, W.G. & scholz, J.K., 1992.
"IRAS and Household Saving,"
9244, Tilburg - Center for Economic Research.
- HernÃ¦s, Erik & Piggott, John & Zhang, Tao & StrÃ¸m, Steinar, 2006. "The Determinants of Occupational Pensions," Memorandum 01/2006, Oslo University, Department of Economics.
- Feldstein, Martin S, 1982. "Social Security and Private Saving: Reply," Journal of Political Economy, University of Chicago Press, vol. 90(3), pages 630-642, June.
- Feldstein, Martin & Pellechio, Anthony, 1979. "Social Security and Household Wealth Accumulation: New Microeconometric Evidence," The Review of Economics and Statistics, MIT Press, vol. 61(3), pages 361-68, August.
- Steinar StrØm & John K. Dagsvik, 2006.
"Sectoral labour supply, choice restrictions and functional form,"
Journal of Applied Econometrics,
John Wiley & Sons, Ltd., vol. 21(6), pages 803-826.
- Dagsvik, John K. & Strøm, Steinar, 2004. "Sectoral labor supply, choice restrictions and functional form," Memorandum 13/2004, Oslo University, Department of Economics.
- John K. Dagsvik & Steinar Strøm, 2004. "Sectoral Labor Supply, Choice Restrictions and Functional Form," Discussion Papers 388, Statistics Norway, Research Department.
- William G. Gale, 1998. "The Effects of Pensions on Household Wealth: A Reevaluation of Theory and Evidence," Journal of Political Economy, University of Chicago Press, vol. 106(4), pages 706-723, August.
- Orazio P. Attanasio & Agar Brugiavini, 2003. "Social Security and Households' Saving," The Quarterly Journal of Economics, Oxford University Press, vol. 118(3), pages 1075-1119.
- John Ameriks & Andrew Caplin & John Leahy, 2003. "Wealth Accumulation and the Propensity to Plan," The Quarterly Journal of Economics, Oxford University Press, vol. 118(3), pages 1007-1047.
- Hubbard, R Glenn, 1986. "Pension Wealth and Individual Saving: Some New Evidence," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 18(2), pages 167-78, May.
- Green, Francis G, 1981. "The Effect of Occupational Pension Schemes on Saving in the United Kingdom: A Test of the Life Cycle Hypothesis," Economic Journal, Royal Economic Society, vol. 91(361), pages 136-44, March.
- Phelim Boyle & John Murray, 1979. "Social Security Wealth and Private Saving in Canada," Canadian Journal of Economics, Canadian Economics Association, vol. 12(3), pages 456-468, August.
- Hernæs, Erik & Iskhakov, Fedor & Strøm, Steinar, 2006. "Early Retirement and Company Characteristics," Memorandum 16/2006, Oslo University, Department of Economics.
When requesting a correction, please mention this item's handle: RePEc:hhs:osloec:2007_012. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Magnus Gabriel Aase)
If references are entirely missing, you can add them using this form.