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Revealed and Concealed Preferences in the Chilean Pension System: An Experimental Investigation

Author

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  • Abigail Barr
  • Truman Packard

Abstract

Using survey data and a field experiment to measure agents` risk and time preferences, we identify the agent-type that is free to reveal its preferences through decisions about pension system participation. Thus, we show that in Chile the appropriate focus for policy makers interested in the welfare-enhancing effects of such participation are the self employed. They are indistinguishable from other economically active agents with respect to time and risk preferences and sort into participants and non-participants in the pension system with reference to those preferences. In contrast, employees are rationed. The more patient and less risk averse self employed participate.

Suggested Citation

  • Abigail Barr & Truman Packard, 2000. "Revealed and Concealed Preferences in the Chilean Pension System: An Experimental Investigation," Economics Series Working Papers 53, University of Oxford, Department of Economics.
  • Handle: RePEc:oxf:wpaper:53
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    File URL: http://www.economics.ox.ac.uk/materials/working_papers/paper053.pdf
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    References listed on IDEAS

    as
    1. Yamada, Gustavo, 1996. "Urban Informal Employment and Self-Employment in Developing Countries: Theory and Evidence," Economic Development and Cultural Change, University of Chicago Press, vol. 44(2), pages 289-314, January.
    2. Samwick, Andrew A., 1998. "Discount rate heterogeneity and social security reform," Journal of Development Economics, Elsevier, pages 117-146.
    3. Samwick, Andrew A., 1998. "Discount rate heterogeneity and social security reform," Journal of Development Economics, Elsevier, pages 117-146.
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    Cited by:

    1. M. Voorst & E. Nillesen & Philip Verwimp & E. Bulte & Robert Lensink & D. van Soest, 2010. "Does conflict affect preferences? Results from field experiments in Burundi," Working Papers ECARES 2010_006, ULB -- Universite Libre de Bruxelles.
    2. Maarten Voors & Eleonora Nillesen & Philip Verwimp & Erwin Bulte & Robert Lensink & Daan van Soest, 2010. "Does Conflict affect Preferences? Results from Field Experiments in Burundi," Research Working Papers 21, MICROCON - A Micro Level Analysis of Violent Conflict.
    3. Maloney, William F., 2004. "Informality Revisited," World Development, Elsevier, pages 1159-1178.

    More about this item

    Keywords

    field experiment; time preference; risk aversion; pension reform; self employment;

    JEL classification:

    • C93 - Mathematical and Quantitative Methods - - Design of Experiments - - - Field Experiments
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • J23 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Demand

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