Title | What You Don't Know Can't Help You: Pension knowledge and retirement decision-making |
Publication Type | Journal Article |
Year of Publication | 2008 |
Authors | Chan, S, Stevens, AH |
Journal | Review of Economics and Statistics |
Volume | 90 |
Issue | 2 |
Pagination | 253 -266 |
Keywords | Pensions |
Abstract | This paper provides an answer to an important empirical puzzle in the retirement literature: while most people know little about their own pension plans, retirement behavior is strongly affected by pension incentives. We combine administrative and self-reported pension data to measure the retirement response to actual and perceived financial incentives and document an important role for self-reported pension data in determining retirement behavior. Well-informed individuals are far more responsive to pension incentives than the average individual. Ill-informed individuals seem to respond systematically to their own misperceptions of pension incentives. |
URL | https://www.jstor.org/stable/40043144 |
Endnote Keywords | Pensions |
Endnote ID | 18450 |
Citation Key | 7199 |