The role of guarantees in pension plan design: pension saving decisions

Detalhes bibliográficos
Autor(a) principal: Lourenço, Ana Filipa Duarte
Data de Publicação: 2016
Tipo de documento: Dissertação
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10362/16596
Resumo: This study centers on the assessment of psychological value of guarantees in pension products and the behavior biases associated with choice. When a guarantee on a product increases from 99% to 99,5% less than half of respondents show willingness to pay in contrast with 73% when going from 99,5% to 100%. Out of 105 respondents, 55 show that their choices concerning pension products are inconsistent with classic utility theory. Financial background proves insignificant thus pointing to behavioral biases. As individuals make choices that leave them worse-off, we argue that pension plan design would highly benefit from public policy interventions.
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spelling The role of guarantees in pension plan design: pension saving decisionsPensionsUncertaintyChoiceBehaviorDomínio/Área Científica::Ciências Sociais::Economia e GestãoThis study centers on the assessment of psychological value of guarantees in pension products and the behavior biases associated with choice. When a guarantee on a product increases from 99% to 99,5% less than half of respondents show willingness to pay in contrast with 73% when going from 99,5% to 100%. Out of 105 respondents, 55 show that their choices concerning pension products are inconsistent with classic utility theory. Financial background proves insignificant thus pointing to behavioral biases. As individuals make choices that leave them worse-off, we argue that pension plan design would highly benefit from public policy interventions.Pereira, João PedroRUNLourenço, Ana Filipa Duarte2016-03-01T15:53:38Z2016-012016-01-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10362/16596TID:201473429enginfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2024-03-11T03:53:40Zoai:run.unl.pt:10362/16596Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-20T03:23:21.211693Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv The role of guarantees in pension plan design: pension saving decisions
title The role of guarantees in pension plan design: pension saving decisions
spellingShingle The role of guarantees in pension plan design: pension saving decisions
Lourenço, Ana Filipa Duarte
Pensions
Uncertainty
Choice
Behavior
Domínio/Área Científica::Ciências Sociais::Economia e Gestão
title_short The role of guarantees in pension plan design: pension saving decisions
title_full The role of guarantees in pension plan design: pension saving decisions
title_fullStr The role of guarantees in pension plan design: pension saving decisions
title_full_unstemmed The role of guarantees in pension plan design: pension saving decisions
title_sort The role of guarantees in pension plan design: pension saving decisions
author Lourenço, Ana Filipa Duarte
author_facet Lourenço, Ana Filipa Duarte
author_role author
dc.contributor.none.fl_str_mv Pereira, João Pedro
RUN
dc.contributor.author.fl_str_mv Lourenço, Ana Filipa Duarte
dc.subject.por.fl_str_mv Pensions
Uncertainty
Choice
Behavior
Domínio/Área Científica::Ciências Sociais::Economia e Gestão
topic Pensions
Uncertainty
Choice
Behavior
Domínio/Área Científica::Ciências Sociais::Economia e Gestão
description This study centers on the assessment of psychological value of guarantees in pension products and the behavior biases associated with choice. When a guarantee on a product increases from 99% to 99,5% less than half of respondents show willingness to pay in contrast with 73% when going from 99,5% to 100%. Out of 105 respondents, 55 show that their choices concerning pension products are inconsistent with classic utility theory. Financial background proves insignificant thus pointing to behavioral biases. As individuals make choices that leave them worse-off, we argue that pension plan design would highly benefit from public policy interventions.
publishDate 2016
dc.date.none.fl_str_mv 2016-03-01T15:53:38Z
2016-01
2016-01-01T00:00:00Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/masterThesis
format masterThesis
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10362/16596
TID:201473429
url http://hdl.handle.net/10362/16596
identifier_str_mv TID:201473429
dc.language.iso.fl_str_mv eng
language eng
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
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instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
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collection Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository.name.fl_str_mv Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
repository.mail.fl_str_mv
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