PENSION PLAN CHARACTERISTICS AND FRAMING EFFECTS IN EMPLOYEE SAVINGS BEHAVIOR

• 成果类型: Article
• 署名作者: Card, David; Ransom, Michael
• 署名单位: University of California System; University of California Berkeley; National Bureau of Economic Research; Brigham Young University
• 刊物名称: REVIEW OF ECONOMICS AND STATISTICS
• ISSN/ISSBN: 0034-6535
• DOI: 10.1162/REST_a_00051
• 发表日期: 2011-02
• 页码: 228-243
• 关键词: consumption; WEALTH

摘要

Defined contribution pensions in many postsecondary institutions are funded by a combination of an employer premium and a mandatory employee premium. Individuals can also contribute to a supplemental savings account. Holding constant total compensation, standard reasoning suggests that supplemental savings should depend negatively on the sum of the employer and employee pension contributions. Contrarily, we find that the supplementary savings of professors are significantly more sensitive to employee contributions than to employer contributions. This asymmetry is consistent with different marginal propensities to save out of the salary and pension components of compensation. Nevertheless, impacts on lifetime utility are relatively modest.