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Seeking solutions to Vulnerability in Old Age: Preferences, constraints, and alternatives for coverage under Peru`s pension system

  • Abigail Barr
  • Truman G. Packard

Exploiting new data from a survey and behavioral experiment conducted in Peru we analyze indvidual`s preferences for securing income in old age. We identify a group that is unrationed by the mandate to save in Peru`s pension system, and draw insights from their affiliation and contribution behavior. Among the unrationed, those who are more tolerant of risk, have more children, and have a greater share of housing in their accumulated assets, are less likely to affiliate and/or contribute to the formal pensions sytem. Further, the less risk tolerant choose private individual retirement accounts over a publicly administered pension system.

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Paper provided by University of Oxford, Department of Economics in its series Economics Series Working Papers with number WPS/2005-05.

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Date of creation: 01 Feb 2005
Date of revision:
Handle: RePEc:oxf:wpaper:wps/2005-05
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  1. Holzmann, Robert & Packard, Truman & Cuesta, Jose, 2000. "Extending coverage in multi-pillar pension systems : constraints and hypotheses, preliminary evidence and future research agenda," Social Protection Discussion Papers 21303, The World Bank.
  2. Barr, Abigail & Packard, Truman, 2002. "Revealed preference and self-insurance - Can we learn from the self-employed in Chile?," Policy Research Working Paper Series 2754, The World Bank.
  3. Poterba, James M, 1988. "Are Consumers Forward Looking? Evidence from Fiscal Experiments," American Economic Review, American Economic Association, vol. 78(2), pages 413-18, May.
  4. Donkers, Bas & van Soest, Arthur, 1999. "Subjective measures of household preferences and financial decisions," Journal of Economic Psychology, Elsevier, vol. 20(6), pages 613-642, December.
  5. 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.
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