Risk aversion, regional welfare state and private pension plans
Marco Percoco ()
Applied Financial Economics Letters, 2008, vol. 4, issue 4, 303-306
The investment decisions of individuals are influenced by their perception of risk. The article investigates from an empirical viewpoint the role of risk aversion and of local government as a provider of public services in shaping the decisions of individuals to subscribe to private pension plans. It finds that risk aversion is a relatively important factor in the pension funds subscription decision, and that the greater the provision of local social services, the lower the probability of subscription.
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