Pension wealth uncertainty

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<title>Pension wealth uncertainty</title>
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<namePart>Guiso, Luigi</namePart>
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<namePart>Jappelli, Tullio</namePart>
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<namePart>Padula, Mario</namePart>
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<abstract displayLabel="Summary">Using a representative sample of Italian investors, we measure the uncertainty of social security benefits by eliciting for each individual the subjective distribution of the replacement rate as a summary indicator of pension uncertainty. We find that pension uncertainty varies across individuals in a way that is consistent with what one would expect a priori, given different information sets and pension schemes. In particular, individuals who are a long way from retirement, and thus face more career uncertainty, report more subjective pension uncertainty. Since expectations reveal information about people's understanding of pension reforms, our findings suggest that they should also be an important determinant of how people respond to reforms. </abstract>
<note type="statement of responsibility">Luigi Guiso, Tullio Jappelli, Mario Padula</note>
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<topic>Pensiones</topic>
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<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080574062">
<topic>Tasa de retorno</topic>
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<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080592455">
<topic>Planes de pensiones</topic>
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<topic>Jubilación</topic>
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<topic>Incertidumbre</topic>
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<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080626181">
<topic>Reforma de la Seguridad Social</topic>
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<geographic>Italia</geographic>
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<title>The Journal of risk and insurance</title>
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<publisher>Nueva York : The American Risk and Insurance Association, 1964-</publisher>
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<identifier type="issn">0022-4367</identifier>
<identifier type="local">MAP20077000727</identifier>
<part>
<text>02/12/2013 Volumen 80 Número 4 - diciembre 2013 , p. 1057-1086</text>
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