We use a lifecycle model in which individuals differ by age and by wage in order to analyze a pairwise majority voting process on the legal retirement age. We consider two different retirement regimes. In the first one the retirees do not return to the labor market, regardless the new retirement age. In the second one, they have to return if thisage is higher than her own age. We show that the final outcome of the voting process will crucially depend on the retirement regime as well as on the parameters of the Social Security, that is, the redistributive character of the system and the present legal retirement age.
This paper analyzes the reform of the pensionable age as an answer to the future financing problems of public pension systems. We use a two-staged model where, firstly, the government decides the redistribution level of the pension system, and, secondly, individuals face a voting process on the legal retirement age. Our results suggest that an increase in the re-distributive character of the system could lead to a larger social consensus to postpone the legal retirement age. Surprisingly, it could be the case that the richest people would support more redistribution if that implies to postpone the pensionable age.
This study analyzes neural responses connected to trust and risk to explain fnancial digitalization decisions. It shows that brain responses distinctively inform diferences in the adoption of digital fnancial channels that are not shown by any other sociodemographic or behavioral indicators. From a methodological standpoint, the study explores if usage patterns of digital fnancial channels and instruments are associated with psychological and biological indicators; it uses functional magnetic resonance imaging (fMRI) to investigate whether fnancial digitalization decisions are linked to the evoked brain response to the safety associated with video images of fnancial transactions through digitalized and non-digitalized channels; it conducts trust and risk neuro-experiments to identify their impact on fnancial digitalization decisions and it analyzes whether brain structure is linked to fnancial digitalization behavior. The fndings suggest that high and low frequency users exhibit diferences in brain function and also in volume and fractional anisotropy values. A higher frequency of use of fnancial digital fnancial services is associated with higher brain activation linked to insecurity (lower safety neural evoked responses during the video task and an altered white matter microstructure of the cingulum). Additionally, high frequency users of digital fnancial channels exhibit enhanced activation of brain areas linked to emotional processing during the trust game. These fndings have important implications for the design of public policies to enhance fnancial inclusion through technology and the segmentation and service distribution strategies of private fnancial institutions. ; Funcas Foundation (Madrid) ; European Union (EU) Spanish Government ECO2017-87581-P/PGC2018-099415-B-100 ; Junta de Andalucia P12. SEJ.2463 ; MCINN-FEDER PGC2018-097811-B-I00 A-SEJ-151-UGR18 ; Zayed University PGC2018-097811-B-I00 A-SEJ-151-UGR18 R18023 ; FUNCAS ; Spanish Ministry of Science, Innovation and Universities FJCI-2017-33396 ; B-SEJ-413-UGR18
