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Eliciting Individual Preferences for Pension Reform

  • Abid Fourati, Yosr

    ()

    (National University of Ireland, Galway)

  • O'Donoghue, Cathal

    ()

    (Teagasc Rural Economy Research Centre)

Pension systems have recently been under scrutiny because of the expected population ageing threatening its sustainability. This paper'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 based around preferences for cost, poverty, retirement age and pension parameters. Answers are used to estimate a lifecycle utility model of preferences towards pensions' parameters. Results suggest that individuals’ value orientation is an important determinant of their preferences. Respondents' 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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Paper provided by Institute for the Study of Labor (IZA) in its series IZA Discussion Papers with number 4479.

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Length: 33 pages
Date of creation: Oct 2009
Date of revision:
Handle: RePEc:iza:izadps:dp4479
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  17. Schwarze, Johannes & Harpfer, Marco, 2007. "Are people inequality averse, and do they prefer redistribution by the state?: Evidence from German longitudinal data on life satisfaction," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 36(2), pages 233-249, April.
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