Pension Adequacy and Sustainability

Gordon L. Clark, Kendra Strauss and Janelle Knox-Hayes

in Saving for Retirement

Published in print January 2012 | ISBN: 9780199600854
Published online May 2012 | e-ISBN: 9780191738104 | DOI:
Pension Adequacy and Sustainability

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In Chapter 9 we turn to the implications of our research for conceptualizing behavior and the design of pension institutions. The conceptualization of behavior is, clearly, an issue dealt with time and again in the social sciences and geography. To give this discussion extra “bite,” we are also concerned with the implications of our work on behavior for public policy and in particular pension policy and its institutions. In doing so, we focus on Western economies with their various commitments to public and private planning for long-term welfare. There are also considerable differences between countries in their mooted “solutions” to the apparent crisis of confidence in existing institutions. We argue, however, that too many “solutions” fail to take seriously the scope of behavior evident in our study and the fact that many people remain “time–space myopic” about their current circumstances and future needs, notwithstanding the attempts by government to bring them into the ambit of the rational actor model. Here, we sketch the logic for a mix of public and private institutions that take seriously the scope and scale of behavior.

Keywords: institutional design; myopia; scope of behavior

Chapter.  8491 words. 

Subjects: Pensions

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