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Title:Do economic policymakers practice what they preach? : the case of pension decisions PDF Logo
Authors:Dahan, Momi
Kogut, Tehila
Shalem, Moshe
Issue Date:2009
Series/Report no.:CESifo working paper 2783
Abstract:This paper examines whether policymakers, economists at the Israeli Finance Ministry, act in their personal pension decisions in accordance with the rational behaviour assumptions underlying the pension policies they advance. We find that while economists' decisions regarding three other important decisions such as buying an apartment, a car and a large appliance, are largely in line with rational models, pension decisions deviate significantly from these models. A large share of these policymakers hardly search for relevant information regarding their chosen pension fund, do not know the most necessary information and consider only one option before choosing the preferred pension fund. A significant difference was found between specialized policymakers (economists in the Pension Division) and general policymakers (economists in all other Divisions) showing that specialized policymakers are significantly less biased.
Subjects:policymaking
pension decisions
expert
rational choice
JEL:A10
A11
G18
G23
H00
Document Type:Working Paper
Appears in Collections:CESifo Working Papers, CESifo Group Munich

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