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Pension Entitlements and Wealth Accumulation
By Hernæs, Erik and Weizhen Zhu
Memorandum 12/2007
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Abstract |
Variation in non-pension wealth accumulation with the level of expected
pensions is investigated with a register based, linked employer-employee
dataset. This includes wealth components, earnings history and demographic
information, supplemented with detailed calculations of public and
occupational pension entitlements, allowing construction of full life time
income trajectories. Regressions are run on the half of the population with
some wealth and therefore the option of consumption smoothing. The results
imply substantial offsets of pension wealth against other private wealth,
mostly financial. Although pension benefits are related to earnings, the
regressive structure of the public pension and incomplete coverage of
occupational pensions provide independent variation in pensions. Panel
estimation provides support for the cross section results. Heterogeneity and
selection bias are investigated with estimation on a variety of sub-samples. |
| JEL Classification:
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D14; D91 |
| Keywords:
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Wealth accumulation; Pensions |
| Project:
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1133 Working life and welfare of the elderly
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| Financing:
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Norges forskningsråd |
| Contact:
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erik.hernas@frisch.uio.no |
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[Full Text PDF]
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