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http://ssrn.com/abstract=1933693
 
 

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Rational Pensions for Irrational People: Behavioral Science Lessons for the Netherlands


Zvi Bodie


Boston University - Department of Finance & Economics

Henriette M. Prast


Tiburg University

September 1, 2011

Netspar Discussion Paper No. 09/2011-076

Abstract:     
This paper examines some of the main behavioral patterns that determine personal saving, investment, and retirement decisions, and considers ways to move them in a socially desirable direction. We pay special attention to factors contributing to people making choices that are not in line with their preferences. We present empirical evidence from other countries and consider their implications for proposed changes to the system in the Netherlands.

The paper makes various suggestions for improvement regarding both the institutional design and product design for pension saving in the Netherlands that could be adopted in the context of recent proposals for a structural change of the pension system. In doing so it pays attention to both occupational pensions ('the second layer') and pensions for the self employed. A comparison is made with the recommendations of the Goudswaard Committee.

Number of Pages in PDF File: 29

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Date posted: September 26, 2011  

Suggested Citation

Bodie, Zvi and Prast, Henriette M., Rational Pensions for Irrational People: Behavioral Science Lessons for the Netherlands (September 1, 2011). Netspar Discussion Paper No. 09/2011-076. Available at SSRN: http://ssrn.com/abstract=1933693 or http://dx.doi.org/10.2139/ssrn.1933693

Contact Information

Zvi Bodie
Boston University - Department of Finance & Economics ( email )
595 Commonwealth Avenue
Boston, MA 02215
United States
617-353-4160 (Phone)
617-353 6667 (Fax)
HOME PAGE: http://smgnet.bu.edu/mgmt/profiles/BodieZvi.html
Henriette M. Prast (Contact Author)
Tiburg University ( email )
P.O. Box 90153
Tilburg, 5000 LE
Netherlands
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