کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
7370318 | 1479441 | 2014 | 12 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Why do individuals choose defined contribution plans? Evidence from participants in a large public plan
ترجمه فارسی عنوان
چرا افراد برنامه های تعویضی را انتخاب می کنند؟ شواهد شرکت کنندگان در یک طرح بزرگ دولتی
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کلمات کلیدی
بازنشستگی، حقوق بازنشستگی عمومی مزایای تعریف شده، سهم تعریف شده، سواد مالی، ریسک سیاسی،
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
چکیده انگلیسی
We examine individual choices between a defined contribution (DC) and a defined benefit (DB) retirement plan at a large public employer. We find sensible patterns with regard to standard economic and demographic factors: the probability of choosing the DC plan decreases with the relative financial generosity of the DB plans versus the DC plan and rises with education and income. Using a survey of participants, we find that the ability to control for beliefs, preferences, and other variables not easily obtainable from administrative or standard household surveys increases the explanatory power over seven-fold. Among the important factors in the DB/DC pension choice are respondent attitudes about risk/return tradeoffs, financial literacy, return expectations, and political risk. We also find that individuals make sensible choices based on what they believe to be true about the plans, but that these beliefs about plan parameters are often wrong, thus leading to possibly sub-optimal decisions. Finally, we provide evidence that individuals' preferences over plan attributes (e.g., the degree of control provided) are even more important determinants of the DB/DC decision than expected outcomes (e.g., the relative generosity of the plans).
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Public Economics - Volume 116, August 2014, Pages 35-46
Journal: Journal of Public Economics - Volume 116, August 2014, Pages 35-46
نویسندگان
Jeffrey R. Brown, Scott J. Weisbenner,