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Financial Incentives in the Austrian PAYG-Pension System: Micro-Estimation

Roman Raab ()

No 144, Working Papers from National University of Ireland Galway, Department of Economics

Abstract: The scope of this paper is to investigate the impact of financial incentives on the retirement decision of private sector workers in Austria.How do financial incentives embedded in the Austrian pension system impact individual retirement behavior? We are using a unique dataset of individual social insurance spells. Micro-estimating the impact of financial incentives on the probability of retirement shows that the behavioral response to financial incentives in Austria is relatively large in international comparison. Also, there are striking behavioral differences between men and women. Using the estimates to simulate the response to reform shows that actual retirement ages could be most successfully brought up by a 6 percentage point deduction in pension benefits per year of early retirement.

Keywords: Models with Panel Data; Discrete Regression and Qualitative Choice Models; Social Security and Public Pensions; Time Allocation and Labour Supply; Retirement and Retirement Policies Algorithmic Trading; MACD (search for similar items in EconPapers)
JEL-codes: C23 C25 H55 J22 J26 (search for similar items in EconPapers)
Date: 2009, Revised 2009
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Related works:
Journal Article: Financial incentives in the Austrian PAYG-pension system: micro-estimation (2011) Downloads
Working Paper: Financial Incentives in the Austrian PAYG-Pension System: Micro-Estimation (2009) Downloads
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