The Experts below are selected from a list of 78 Experts worldwide ranked by ideXlab platform
Joyce Vonken - One of the best experts on this subject based on the ideXlab platform.
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Framing and the Annuitization Decision: Experimental Evidence from a Dutch Pension Fund
Journal of Pension Economics & Finance, 2017Co-Authors: Christian Bockweg, Eduard H.m. Ponds, O.w. Steenbeek, Joyce VonkenAbstract:We report the effects of framing and default settings in annuity demand after conducting a survey-based experiment with over 3,000 members of a Dutch Occupational Pension Plan. The participants were asked to allocate their real projected Pension accrual between a life annuity and a partial lump sum. In particular, we investigated the joint effects of consumption and investment frames and gain and loss frames. We present strong evidence for framing and default setting effects in annuity demand. We also find robust evidence of individual characteristics of influence annuity demand, highlighting the importance of heterogeneity among participants. Framing and default effects remain significant when we control for individual characteristics. We conclude Dutch Plan members generally welcome the partial lump sum option over full annuitization. Framing and default settings are generally capable of predictively steering annuity demand. The precise effect framing may have also depends on the institutional environment, which predefines the perspective through which individuals filter annuities.
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Framing and the annuitization decision – Experimental evidence from a Dutch Pension fund
Journal of Pension Economics and Finance, 2017Co-Authors: Christian Bockweg, Eduard H.m. Ponds, O.w. Steenbeek, Joyce VonkenAbstract:AbstractWe report the effects of framing settings in annuity demand after conducting a survey-based experiment with members of a Dutch Occupational Pension Plan. We gave participants the option to allocate up to 20% of their projected Pension accrual to a lump sum. In particular, we investigated the joint effects of consumption and investment frames and gain and loss frames. We present strong evidence for framing effects in annuity demand. Framing effects remain significant when we control for individual characteristics. We also find robust evidence of individual characteristics influencing annuity demand, highlighting the importance of heterogeneity among participants, for example risk aversion, time preference and trust in the Pension fund. Gender and long-term debt positions have significant impact how one responds to framing. We conclude that Dutch Plan members generally welcome the partial lump sum option over mandatory full annuitization. The application of frames appears to predictively steer annuity demand. The precise effect framing may have, would probably also depend on the institutional environment, which predefines the perspective through which individuals filter annuities.
Christian Bockweg - One of the best experts on this subject based on the ideXlab platform.
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Framing and the Annuitization Decision: Experimental Evidence from a Dutch Pension Fund
Journal of Pension Economics & Finance, 2017Co-Authors: Christian Bockweg, Eduard H.m. Ponds, O.w. Steenbeek, Joyce VonkenAbstract:We report the effects of framing and default settings in annuity demand after conducting a survey-based experiment with over 3,000 members of a Dutch Occupational Pension Plan. The participants were asked to allocate their real projected Pension accrual between a life annuity and a partial lump sum. In particular, we investigated the joint effects of consumption and investment frames and gain and loss frames. We present strong evidence for framing and default setting effects in annuity demand. We also find robust evidence of individual characteristics of influence annuity demand, highlighting the importance of heterogeneity among participants. Framing and default effects remain significant when we control for individual characteristics. We conclude Dutch Plan members generally welcome the partial lump sum option over full annuitization. Framing and default settings are generally capable of predictively steering annuity demand. The precise effect framing may have also depends on the institutional environment, which predefines the perspective through which individuals filter annuities.
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Framing and the annuitization decision – Experimental evidence from a Dutch Pension fund
Journal of Pension Economics and Finance, 2017Co-Authors: Christian Bockweg, Eduard H.m. Ponds, O.w. Steenbeek, Joyce VonkenAbstract:AbstractWe report the effects of framing settings in annuity demand after conducting a survey-based experiment with members of a Dutch Occupational Pension Plan. We gave participants the option to allocate up to 20% of their projected Pension accrual to a lump sum. In particular, we investigated the joint effects of consumption and investment frames and gain and loss frames. We present strong evidence for framing effects in annuity demand. Framing effects remain significant when we control for individual characteristics. We also find robust evidence of individual characteristics influencing annuity demand, highlighting the importance of heterogeneity among participants, for example risk aversion, time preference and trust in the Pension fund. Gender and long-term debt positions have significant impact how one responds to framing. We conclude that Dutch Plan members generally welcome the partial lump sum option over mandatory full annuitization. The application of frames appears to predictively steer annuity demand. The precise effect framing may have, would probably also depend on the institutional environment, which predefines the perspective through which individuals filter annuities.
Johannes Hagen - One of the best experts on this subject based on the ideXlab platform.
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The determinants of annuitization: evidence from Sweden
International Tax and Public Finance, 2015Co-Authors: Johannes HagenAbstract:Despite the fact that the increasing involvement of the private sector in Pension provision has brought more flexibility to the pay-out phase of retirement, little is known about the characteristics of those who choose to annuitize their Pension wealth and those who do not. I combine unique micro-data from a large Swedish Occupational Pension Plan with rich national administrative data to study the choice between life annuities and fixed-term payouts with a minimum payout length of 5 years for 183,000 retiring white-collar workers. I find that low accumulation of assets is strongly associated with the choice of the 5-year payout. Consistent with individuals selecting payout length based on private information about their mortality prospects, individuals who choose the 5-year payout are in worse health, exhibit higher ex-post mortality rates and have shorter-lived parents than annuitants. Individuals also seem to respond to large, tax-induced changes in annuity prices.
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The determinants of annuitization: evidence from Sweden
International Tax and Public Finance, 2015Co-Authors: Johannes HagenAbstract:This paper uses unique micro data from a Swedish Occupational Pension Plan to study the determinants of annuitization. The data is merged with national administrative data to create a large data set with rich individual background characteristics. The Pension can either be withdrawn as a life annuity or during a fixed number of years with a minimum of five years. Low accumulation of assets is strongly associated with the choice of the 5-year payout. Consistent with the predictions of a life-cycle model, retirees who choose the 5-year payout are in worse health and exhibit higher ex-post mortality rates than annuitants. I also find that the parents of annuitants live longer than the parents of those who choose the 5- year payout. This suggests that individuals form expectations about how long they are likely to live based on the life-span patterns of their parents and take this into account when they decide whether to annuitize or not.
O.w. Steenbeek - One of the best experts on this subject based on the ideXlab platform.
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Framing and the Annuitization Decision: Experimental Evidence from a Dutch Pension Fund
Journal of Pension Economics & Finance, 2017Co-Authors: Christian Bockweg, Eduard H.m. Ponds, O.w. Steenbeek, Joyce VonkenAbstract:We report the effects of framing and default settings in annuity demand after conducting a survey-based experiment with over 3,000 members of a Dutch Occupational Pension Plan. The participants were asked to allocate their real projected Pension accrual between a life annuity and a partial lump sum. In particular, we investigated the joint effects of consumption and investment frames and gain and loss frames. We present strong evidence for framing and default setting effects in annuity demand. We also find robust evidence of individual characteristics of influence annuity demand, highlighting the importance of heterogeneity among participants. Framing and default effects remain significant when we control for individual characteristics. We conclude Dutch Plan members generally welcome the partial lump sum option over full annuitization. Framing and default settings are generally capable of predictively steering annuity demand. The precise effect framing may have also depends on the institutional environment, which predefines the perspective through which individuals filter annuities.
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Framing and the annuitization decision – Experimental evidence from a Dutch Pension fund
Journal of Pension Economics and Finance, 2017Co-Authors: Christian Bockweg, Eduard H.m. Ponds, O.w. Steenbeek, Joyce VonkenAbstract:AbstractWe report the effects of framing settings in annuity demand after conducting a survey-based experiment with members of a Dutch Occupational Pension Plan. We gave participants the option to allocate up to 20% of their projected Pension accrual to a lump sum. In particular, we investigated the joint effects of consumption and investment frames and gain and loss frames. We present strong evidence for framing effects in annuity demand. Framing effects remain significant when we control for individual characteristics. We also find robust evidence of individual characteristics influencing annuity demand, highlighting the importance of heterogeneity among participants, for example risk aversion, time preference and trust in the Pension fund. Gender and long-term debt positions have significant impact how one responds to framing. We conclude that Dutch Plan members generally welcome the partial lump sum option over mandatory full annuitization. The application of frames appears to predictively steer annuity demand. The precise effect framing may have, would probably also depend on the institutional environment, which predefines the perspective through which individuals filter annuities.
Eduard H.m. Ponds - One of the best experts on this subject based on the ideXlab platform.
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Framing and the Annuitization Decision: Experimental Evidence from a Dutch Pension Fund
Journal of Pension Economics & Finance, 2017Co-Authors: Christian Bockweg, Eduard H.m. Ponds, O.w. Steenbeek, Joyce VonkenAbstract:We report the effects of framing and default settings in annuity demand after conducting a survey-based experiment with over 3,000 members of a Dutch Occupational Pension Plan. The participants were asked to allocate their real projected Pension accrual between a life annuity and a partial lump sum. In particular, we investigated the joint effects of consumption and investment frames and gain and loss frames. We present strong evidence for framing and default setting effects in annuity demand. We also find robust evidence of individual characteristics of influence annuity demand, highlighting the importance of heterogeneity among participants. Framing and default effects remain significant when we control for individual characteristics. We conclude Dutch Plan members generally welcome the partial lump sum option over full annuitization. Framing and default settings are generally capable of predictively steering annuity demand. The precise effect framing may have also depends on the institutional environment, which predefines the perspective through which individuals filter annuities.
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Framing and the annuitization decision – Experimental evidence from a Dutch Pension fund
Journal of Pension Economics and Finance, 2017Co-Authors: Christian Bockweg, Eduard H.m. Ponds, O.w. Steenbeek, Joyce VonkenAbstract:AbstractWe report the effects of framing settings in annuity demand after conducting a survey-based experiment with members of a Dutch Occupational Pension Plan. We gave participants the option to allocate up to 20% of their projected Pension accrual to a lump sum. In particular, we investigated the joint effects of consumption and investment frames and gain and loss frames. We present strong evidence for framing effects in annuity demand. Framing effects remain significant when we control for individual characteristics. We also find robust evidence of individual characteristics influencing annuity demand, highlighting the importance of heterogeneity among participants, for example risk aversion, time preference and trust in the Pension fund. Gender and long-term debt positions have significant impact how one responds to framing. We conclude that Dutch Plan members generally welcome the partial lump sum option over mandatory full annuitization. The application of frames appears to predictively steer annuity demand. The precise effect framing may have, would probably also depend on the institutional environment, which predefines the perspective through which individuals filter annuities.
