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Retirement Systems, Demography, Happiness and Welfare Redistribution

Author

Listed:
  • Barbara Ferrari

    ()

  • Luigi Mittone

    ()

  • Marco Tecilla

    ()

Abstract

This research investigates whether an equity improvement within retirement-systems domain may positively influence demography, people�s happiness and their financial conditions. In particular, a fertility-boosting policy has been tested, acting on the contributory rate. This project has been carried out by using software simulation and with specific Agent-based Computational Economics (ACE) methodology. Two virtual worlds have been created, in order to try to reproduce Italian society. In the first model, (W1), vertical equity has been improved, while in the second one, (W2), it is has not. Five further variants of these two worlds have been produced by altering some parameters, in order to test our hypothesis through several simulations. The research outcomes prove that an equity improvement can positively influence demographic trends, can increase the level of happiness in the society, and can grant a more homogeneous welfare redistribution.

Suggested Citation

  • Barbara Ferrari & Luigi Mittone & Marco Tecilla, 2008. "Retirement Systems, Demography, Happiness and Welfare Redistribution," CEEL Working Papers 0808, Cognitive and Experimental Economics Laboratory, Department of Economics, University of Trento, Italia.
  • Handle: RePEc:trn:utwpce:0808
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    File URL: http://www-ceel.economia.unitn.it/papers/papero08_08.pdf
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    References listed on IDEAS

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    1. Easterlin, Richard A., 2006. "Life cycle happiness and its sources: Intersections of psychology, economics, and demography," Journal of Economic Psychology, Elsevier, vol. 27(4), pages 463-482, August.
    2. Tesfatsion, Leigh, 2006. "Agent-Based Computational Economics: A Constructive Approach to Economic Theory," Handbook of Computational Economics,in: Leigh Tesfatsion & Kenneth L. Judd (ed.), Handbook of Computational Economics, edition 1, volume 2, chapter 16, pages 831-880 Elsevier.
    3. Daniel Kahneman & Alan B. Krueger, 2006. "Developments in the Measurement of Subjective Well-Being," Journal of Economic Perspectives, American Economic Association, vol. 20(1), pages 3-24, Winter.
    4. Sendhil Mullainathan & Richard H. Thaler, 2000. "Behavioral Economics," NBER Working Papers 7948, National Bureau of Economic Research, Inc.
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    More about this item

    Keywords

    Retirement systems; demography; happiness; wealth distribution; equity; software simulation; Agent Based Computational Economics;

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