Pension Design And Structure New Lessons From Behavioral Finance

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Pension Design And Structure

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Author : Olivia S. Mitchell
language : en
Publisher: OUP Oxford
Release Date : 2004-07-15

Pension Design And Structure written by Olivia S. Mitchell and has been published by OUP Oxford this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-07-15 with Business & Economics categories.

Employees are increasingly asked to make sophisticated decisions about their pension and healthcare plans. Yet recent research shows that the decisions 'real' people make are often not those of the careful and well-informed economic agent conventionally portrayed in economic research. Rather, decision-makers tend to operate with flawed information and make some of the most critical financial decisions of their lives lacking a full understanding of the options before them and the implications of their decisions. Pension Design and Structure explores the assumptions behind commonly-held theories of retirement decision-making, in order to draw out the consequences of frontier research in behavioral finance and economics for those interested in better design and structure of retirement pensions. Using large datasets newly provided by financial service firms and real-world experiments, this volume tests the hypotheses of this research. This is the first book to explore the implications of behavioral finance research for pensions and retirement studies. The authors blend cutting-edge research from several fields including Finance, Economics, Management, Sociology, and Psychology. The book will be of interest to pension plan participants and sponsors, financial service groups responsible for pensions, and retirement system regulators.

Behavioral Finance

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Author : H. Kent Baker
language : en
Publisher: Oxford University Press
Release Date : 2019-02-01

Behavioral Finance written by H. Kent Baker and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-02-01 with Business & Economics categories.

People tend to be penny wise and pound foolish and cry over spilt milk, even though we are taught to do neither. Focusing on the present at the expense of the future and basing decisions on lost value are two mistakes common to decision-making that are particularly costly in the world of finance. Behavioral Finance: What Everyone Needs to KnowR provides an overview of common shortcuts and mistakes people make in managing their finances. It covers the common cognitive biases or errors that occur when people are collecting, processing, and interpreting information. These include emotional biases and the influence of social factors, from culture to the behavior of one's peers. These effects vary during one's life, reflecting differences in due to age, experience, and gender. Among the questions to be addressed are: How did the financial crisis of 2007-2008 spur understanding human behavior? What are market anomalies and how do they relate to behavioral biases? What role does overconfidence play in financial decision- making? And how does getting older affect risk tolerance?

Lessons From Pension Reform In The Americas

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Author : Stephen J. Kay
language : en
Publisher: OUP Oxford
Release Date : 2007-11-22

Lessons From Pension Reform In The Americas written by Stephen J. Kay and has been published by OUP Oxford this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-11-22 with Business & Economics categories.

Latin American experiments with pension reform began when Chile converted its public pay-as-you-go system to a system of private individual accounts in the early 1980s. Several other Latin American countries then followed suit, inspired both by Chile's reforms and by World Bank recommendations stressing compulsory government-mandated individual saving accounts. Individual accounts were subsequently introduced in a number of countries in Europe and Asia. Many are now re-evaluating these privatisations in an effort to 'reform the reform' to make these systems more efficient and equitable. This volume is the first to assess pension reforms in this new 'post-privatization' era. After a discussion on demographic trends in the foreword by Nobel laureate Robert W. Fogel, Section 1 of the book includes chapters on the role of pension system default options, the impact of gender, and a discussion of the World Bank's policies on pension reform. The chapter on the evidence from Chile's new social protection survey points to key lessons from the world's first privatization. Section 2 offers in-depth analysis of several significant reform initiatives in the hemisphere, and includes chapters on the United States, Canada, Mexico, Costa Rica, Brazil, Peru, Uruguay and Argentina. The volume provides an unparalleled account of the lessons from pension reform in the Americas, addressing the most pressing policy issues and highlighting a broad range of country experiences.

Behavioural Finance

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Author : Singh Shuchita & Bahi Shilpa
language : en
Publisher: Vikas Publishing House
Release Date :

Behavioural Finance written by Singh Shuchita & Bahi Shilpa and has been published by Vikas Publishing House this book supported file pdf, txt, epub, kindle and other format this book has been release on with Business & Economics categories.

The theories and concepts of behavioural finance are not widely studied. In many countries, the acceptance level of behavioural theories is quite low. However, the increasing instances of various anomalies of financial markets have forced many researchers to look closer to this modern field of finance. Behavioural Finance seeks to bring together all the concepts and theories developed by renowned international and national researchers and practitioners in financial markets. An in-depth study has been made to explain the current economic downturn and the role of behavioural finance in it. KEY FEATURES • Interviews: Latest industry views by various asset-class experts • Facts: Important factual information in boxes titled 'Do You Know?' • Abbreviations: Important and relevant abbreviated terms • Model Test Papers: For practice • Summary: Given as 'Key Learning Points' for revision

The Oxford Handbook Of Pensions And Retirement Income

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Author : Gordon L. Clark
language : en
Publisher: Oxford University Press, USA
Release Date : 2006-07-20

The Oxford Handbook Of Pensions And Retirement Income written by Gordon L. Clark and has been published by Oxford University Press, USA this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-07-20 with Business & Economics categories.

This handbook draws on research from a range of academic disciplines to reflect on the implications for provisions of pension and retirement income of demographic ageing. it reviews the latest research, policy related tools, analytical methods and techniques and major theoretical frameworks.

Pension Economics

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Author : David Blake
language : en
Publisher: John Wiley & Sons
Release Date : 2006-11-02

Pension Economics written by David Blake and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-11-02 with Business & Economics categories.

While not attempting to train readers as professional economists, this book aims to provide a secure grounding in the theory and practice of economics insofar as it deals with pension matters. From reading this book, the user will understand: * The key types of pension scheme * The role of pensions in maximizing individual lifetime welfare * The role of pensions in individual savings and retirement decisions * The role and consequences of the pension plan from the company's viewpoint * The role of pensions in promoting aggregate savings * The role of pensions and retirement in overlapping generations models * The economics of ageing and intergenerational accounting * The social welfare implications of pensions * The lessons of behavioural economics for pensions

The Palgrave Handbook Of Technological Finance

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Author : Raghavendra Rau
language : en
Publisher: Springer Nature
Release Date : 2021-09-09

The Palgrave Handbook Of Technological Finance written by Raghavendra Rau and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-09-09 with Business & Economics categories.

This handbook provides the first comprehensive overview of the fast-evolving alternative finance space and makes a timely and in-depth contribution to the literature in this area. Bringing together expert contributions in the field from both practitioners and academics, in one of the most dynamic parts of the financial sector, it provides a solid reference for this exciting discipline. Divided into six parts, Section 1 presents a high-level overview of the technologically-enabled finance space. It also offers a historical perspective on technological finance models and outlines different business models. Section 2 analyses digital currencies including guides to bitcoins, other cryptocurrencies, and blockchains. Section 3 addresses alternative payment systems such as digital money and asset tokenization. Section 4 deals with crowdfunding models from both a theoretical perspective and from a regulatory perspective. Section 5 discusses data-driven business models and includes a discussion of neural networks and deep learning. Finally, Section 6 discusses welfare implications of the technological finance revolution. This collection highlights the most current developments to date and the state-of-the-art in alternative finance, while also indicating areas of further potential. Acting as a roadmap for future research in this innovative and promising area of finance, this handbook is a solid reference work for academics and students whilst also appealing to industry practitioners, businesses and policy-makers.

The Taxation Of Pensions

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Author : Robert Holzmann
language : en
Publisher: MIT Press
Release Date : 2018-08-07

The Taxation Of Pensions written by Robert Holzmann and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-08-07 with Business & Economics categories.

Theoretical and policy perspectives on the taxation of pension, viewed in an international context. Policy makers and academic researchers have been preoccupied in recent decades with the design of pension schemes and effective pension system reform. Relatively little attention has been given to the taxation of pensions and, more broadly, the provision of retirement income. In this book, experts from a range of countries explore the interconnection. Their contributions are especially timely, given recent demographic and political developments including population aging that lengthens the time between contribution payment and benefit receipt, the mobility of capital and labor brought about by globalization, and the complexity of pension taxation within and between countries. In shedding light on these issues, the chapters document the various forms of taxation of pension systems; use economic theory to explain both qualitative and quantitative observations; and consider whether the observed interaction of taxation and pensions is efficient. Theoretical overviews are followed by rigorous analyses of pension taxation in specific countries, including Denmark, Sweden, Portugal, Australia, Germany, the United Kingdom, and the United States. Contributors Torben M. Andersen, Spencer Bastani, Hazel Bateman, Sören Blomquist, Axel Börsch-Supan, Jorge Miguel Bravo, Gary Burtless, Rafal Chomik, Helmuth Cremer, Carl Emmerson, Csaba Feher, Bernd Genser, Robert Holzmann, Paul Johnson, Alain Jousten, Christian Keuschnigg, Eric Koepcke, George Kudrna, Jukka Lassila, Luca Micheletto, Pierre Pestieau, John Piggott, Christopher Quinn, Tarmo Valkonen, Alan Woodland

Reducing Retirement Inequality

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Author :
language : en
Publisher: Oxford University Press
Release Date : 2025-02-20

Reducing Retirement Inequality written by and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2025-02-20 with Business & Economics categories.

Many older Americans today are poorly prepared to finance their retirement years, and such under-preparedness is especially acute for members of disadvantaged racial and ethnic minority groups. Black and Hispanic families, for example, have only a quarter of the amount of net private wealth (assets minus liabilities) compared to White families. Moreover, racial wealth gaps have not diminished much in the past four decades, in part because Whites tend to save more in and withdraw less from employer-sponsored retirement plans than do their Black and Hispanic counterparts. The studies herein provide a range of perspectives on the causes and consequences of retirement wealth inequality, along with suggested opportunities to close the gaps. The contributors explore new datasets, analyze historical trends in income and wealth disparities, and evaluate alternative wealth and inequality measures. They also evaluate the roles of differential access to financial, housing, and human capital, and the role of the social security program. While the latter is a great equalizer, narrowing racial gaps considerably, the program faces insolvency and, without reform, it will be unable to pay full scheduled benefits within a decade. This is an open access title available under the terms of a CC BY-NC-ND 4.0 International licence. It is free to read at Oxford Scholarship Online and offered as a free PDF download from OUP and selected open access locations.

Retirement Savings

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Author : Barbara D. Bovbjerg
language : en
Publisher: DIANE Publishing
Release Date : 2010-08

Retirement Savings written by Barbara D. Bovbjerg and has been published by DIANE Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-08 with Business & Economics categories.

Only about half of all workers participate in employer-sponsored retirement plans. To foster greater participation among workers who have access to such plans, Congress passed a law that facilitates plan sponsors' adoption of automatic enrollment policies (AEP). To foster greater retirement savings among workers who do not have access to an employer-sponsored plan, proposals have been made for an "automatic IRA" and at the state level for state-based programs. This report determined: (1) what is known about the effect of AEP among the nation's 401(k) plans, and the extent of and future prospect for such policies; and (2) the potential benefits and limitations of automatic IRA proposals and state-assisted retirement savings proposals. Illus.