Konferenzbeitrag

The Effect of Financial Incentives on Retirement Decision Making under Different Schemes of Information Provision: Experimental Evidence

We elicit preferences for retirement timing under two schemes of financial incentives and across information treatments. Individuals are repeatedly asked to decide whether to retire immediately or to continue working in the setting of a laboratory experiment. We alternate two treatment parameters: First, we compare two schemes of financial incentives where the expected present value of pension wealth is either a declining or a constant function of the retirement age. Second, we change the amount of information regarding the expected pension wealth. In line with the common finding of the quasi-experimental literature, we find a considerable delay of retirement once benefit reductions make early retirement less attractive. The striking result is, however, that the amount of available information tremendously affects retirement decisions. Poorly informed individuals tend to make retirement decisions on the grounds of perceived reference points. Such decision criteria, e.g. social norms, may reduce the effectiveness of policies that aim at raising the retirement age.

Sprache
Englisch

Erschienen in
Series: Beiträge zur Jahrestagung des Vereins für Socialpolitik 2016: Demographischer Wandel - Session: Social Security Incentives, Employment, and Retirement ; No. C07-V1

Klassifikation
Wirtschaft
Design of Experiments: Laboratory, Individual
Social Security and Public Pensions
Retirement; Retirement Policies

Ereignis
Geistige Schöpfung
(wer)
Giesecke, Matthias Nicolas
Yang, Guanzhong
Ereignis
Veröffentlichung
(wer)
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft
(wo)
Kiel und Hamburg
(wann)
2016

Handle
Letzte Aktualisierung
10.03.2025, 11:43 MEZ

Datenpartner

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ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.

Objekttyp

  • Konferenzbeitrag

Beteiligte

  • Giesecke, Matthias Nicolas
  • Yang, Guanzhong
  • ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft

Entstanden

  • 2016

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