How price-elastic is the demand for retirement saving?

<?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.loc.gov/MARC21/slim http://www.loc.gov/standards/marcxml/schema/MARC21slim.xsd">
  <record>
    <leader>00000cab a2200000   4500</leader>
    <controlfield tag="001">MAP20190007115</controlfield>
    <controlfield tag="003">MAP</controlfield>
    <controlfield tag="005">20190307174358.0</controlfield>
    <controlfield tag="008">190307e20190101esp|||p      |0|||b|spa d</controlfield>
    <datafield tag="040" ind1=" " ind2=" ">
      <subfield code="a">MAP</subfield>
      <subfield code="b">spa</subfield>
      <subfield code="d">MAP</subfield>
    </datafield>
    <datafield tag="084" ind1=" " ind2=" ">
      <subfield code="a">345</subfield>
    </datafield>
    <datafield tag="100" ind1=" " ind2=" ">
      <subfield code="0">MAPA20190002806</subfield>
      <subfield code="a">Direr, Alexis</subfield>
    </datafield>
    <datafield tag="245" ind1="1" ind2="0">
      <subfield code="a">How price-elastic is the demand for retirement saving?</subfield>
      <subfield code="c">Alexis Direr, Rim Ennajar-Sayadi</subfield>
    </datafield>
    <datafield tag="520" ind1=" " ind2=" ">
      <subfield code="a">We exploit an administrative data set of a big insurance company to assess the effects on annuity demand of a French regulatory reform which impacted actuarial return to deferred life annuity products. Unlike in previous studies, annuity demand is measured by contributions to savings products that result in capital being converted into annuities at retirement. Our identification methodology is based on the fact that while female savers' annuity rate (conversion rate of capital into annuities) fell by 10%, male savers who did not expect to take the survivor option at retirement were not affected by the reform. Assurning that single men fall into this category, and using this population as a control group, we find a decrease in demand by women of - 16%, which corresponds to a price elasticity of subscriptions of - 1.5. The reform did not significantly alter contributions to saving accounts. We also document a very large anticipation effect created by the opportunity offered to early subscribers to benefit from older pricing</subfield>
    </datafield>
    <datafield tag="650" ind1=" " ind2="4">
      <subfield code="0">MAPA20080591021</subfield>
      <subfield code="a">Fondos de pensiones</subfield>
    </datafield>
    <datafield tag="650" ind1=" " ind2="4">
      <subfield code="0">MAPA20080540104</subfield>
      <subfield code="a">Ahorro</subfield>
    </datafield>
    <datafield tag="650" ind1=" " ind2="4">
      <subfield code="0">MAPA20080625597</subfield>
      <subfield code="a">Envejecimiento de la población</subfield>
    </datafield>
    <datafield tag="650" ind1=" " ind2="4">
      <subfield code="0">MAPA20080590444</subfield>
      <subfield code="a">Economía de empresa</subfield>
    </datafield>
    <datafield tag="650" ind1=" " ind2="4">
      <subfield code="0">MAPA20120006287</subfield>
      <subfield code="a">Elasticidad</subfield>
    </datafield>
    <datafield tag="650" ind1=" " ind2="4">
      <subfield code="0">MAPA20080592011</subfield>
      <subfield code="a">Modelos actuariales</subfield>
    </datafield>
    <datafield tag="651" ind1=" " ind2="1">
      <subfield code="0">MAPA20080637880</subfield>
      <subfield code="a">Francia</subfield>
    </datafield>
    <datafield tag="773" ind1="0" ind2=" ">
      <subfield code="w">MAP20077100215</subfield>
      <subfield code="t">Geneva papers on risk and insurance : issues and practice</subfield>
      <subfield code="d">Geneva : The Geneva Association, 1976-</subfield>
      <subfield code="x">1018-5895</subfield>
      <subfield code="g">01/01/2019 Volumen 44 Número 1 - enero 2019 , p. 102-122</subfield>
    </datafield>
  </record>
</collection>