Microsimulation of pension reforms: Behavioural versus nonbehavioural approach

Margherita Borella, Flavia Coda Moscarola

Risultato della ricerca: Contributo su rivistaArticolo in rivistapeer review

Abstract

We analyse the impact of various pension regimes, as shaped by recent Italian reforms, on retirement age, adequacy issues, and redistribution. We add to the literature on microsimulation by accounting for individuals' reactions to financial incentives when deciding to retire. We find that shifting from a generous defined benefit (DB) system to an actuarially fair notional defined contribution (NDC) system induces individuals, particularly men, to postpone retirement. Voluntary postponement of retirement would grant employees a replacement rate comparable to that obtained in the pre-reform DB regime, while the self-employed experience a substantial reduction in their replacement rate.

Lingua originaleInglese
pagine (da-a)583-607
Numero di pagine25
RivistaJournal of Pension Economics and Finance
Volume9
Numero di pubblicazione4
DOI
Stato di pubblicazionePubblicato - ott 2010
Pubblicato esternamente

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