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.:
- Hernæs, Erik & Iskhakov, Fedor & Strøm, Steinar, 2006. "Early Retirement and Company Characteristics," Memorandum 16/2006, Oslo University, Department of Economics.
- Gale, W.G. & Scholz, J.K., 1990.
"Iras And Household Savings,"
9009, Wisconsin Madison - Social Systems.
- 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.
- Euwals, Rob, 2000. "Do Mandatory Pensions Decrease Household Savings? Evidence for the Netherlands," IZA Discussion Papers 113, Institute for the Study of Labor (IZA).
- 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.
- Dagsvik, John K. & Strøm, Steinar, 2004.
"Sectoral labor supply, choice restrictions and functional form,"
13/2004, Oslo University, Department of Economics.
- 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.
- John K. Dagsvik & Steinar Strøm, 2004. "Sectoral Labor Supply, Choice Restrictions and Functional Form," Discussion Papers 388, Statistics Norway, Research Department.
- 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.
- 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.
- 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 136-144, March.
- Hubbard, R Glenn, 1986. "Pension Wealth and Individual Saving: Some New Evidence," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 18(2), pages 167-178, May.
- 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.
- 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.
- 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.
- 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 361-368, August.
- HernÃ¦s, Erik & Piggott, John & Zhang, Tao & StrÃ¸m, Steinar, 2006. "The Determinants of Occupational Pensions," Memorandum 01/2006, 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 you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.