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ERIC Number: EJ910212
Record Type: Journal
Publication Date: 2011-Jan
Pages: 34
Abstractor: As Provided
Reference Count: 63
ISBN: N/A
ISSN: ISSN-0022-166X
Pensions and Household Wealth Accumulation
Engelhardt, Gary V.; Kumar, Anil
Journal of Human Resources, v46 n1 p203-236 Jan 2011
Economists have long suggested that higher private pension benefits "crowd out" other sources of household wealth accumulation. We exploit detailed information on pensions and lifetime earnings for older workers in the 1992 wave of the Health and Retirement Study and employ an instrumental-variable (IV) identification strategy to estimate crowd-out. The IV estimates suggest statistically significant crowd-out: each dollar of pension wealth is associated with a 53-67 cent decline in nonpension wealth. With less precision, we use an instrumental-variable quantile regression estimator and find that most of the effect is concentrated in the upper quantiles of the wealth distribution. (Contains 6 tables, 6 figures and 17 footnotes.)
University of Wisconsin Press. 1930 Monroe Street, Madison, WI 53711-2059. Tel: 608-263-0668; Fax: 608-263-1173; e-mail: journals@uwpress.wisc.edu; Web site: http://www.wisc.edu/wisconsinpress/journals
Publication Type: Journal Articles; Reports - Research
Education Level: N/A
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: N/A