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dc.contributor.authorCobb-Clark, Deborah A.en_US
dc.contributor.authorHildebrand, Vincent A.en_US
dc.date.accessioned2009-12-01en_US
dc.date.accessioned2010-07-07T12:02:32Z-
dc.date.available2010-07-07T12:02:32Z-
dc.date.issued2009en_US
dc.identifier.piurn:nbn:de:101:1-20091019305en_US
dc.identifier.urihttp://hdl.handle.net/10419/35856-
dc.description.abstractIs there evidence that households adjust their asset portfolios just prior to retirement in response to a means-tested public pension? We address this question by estimating a system of asset equations constrained to add up to net worth. We find little evidence that in 2006 healthy households or couples responded to the incentives embedded in the means test determining pension eligibility by reallocating their assets. While there are some significant differences in asset portfolios associated with being near the income threshold, being of pensionable age, and being in poor health these differences are often only marginally significant, are not robust across time, and are not clearly consistent with the incentives inherent in the pension eligibility rules. In 2006, any behavioral response to the means test seems to occur among single pensioners in poor health. Comparison with 2002 results suggests the incentives to reallocate assets may have weakened over time.en_US
dc.language.isoengen_US
dc.publisherForschungsinst. zur Zukunft der Arbeit Bonnen_US
dc.relation.ispartofseriesIZA Discussion Papers 4481en_US
dc.subject.jelH30en_US
dc.subject.jelH31en_US
dc.subject.jelD31en_US
dc.subject.ddc330en_US
dc.subject.keywordAsset portfoliosen_US
dc.subject.keywordmeans testingen_US
dc.subject.keywordpublic pensionen_US
dc.subject.keywordhousehold wealthen_US
dc.subject.stwGesetzliche Rentenversicherungen_US
dc.subject.stwBedarfsprinzipen_US
dc.subject.stwAltersgrenzeen_US
dc.subject.stwAlte Menschenen_US
dc.subject.stwAnlageverhaltenen_US
dc.subject.stwPortfolio-Managementen_US
dc.subject.stwAustralienen_US
dc.titlePortfolio allocation in the face of a means-tested public pensionen_US
dc.typeWorking Paperen_US
dc.identifier.ppn613968085en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:IZA Discussion Papers, Forschungsinstitut zur Zukunft der Arbeit (IZA)

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