"Ιδιωτικοποίηση του ρίσκου" και δομή των συστημάτων συντάξεων
"Privatization of risk" and the structure of pension systems
Κακλέας, Σταμάτιος Π.
SubjectΑσφάλιση, Κοινωνική -- Στατιστική ; Συντάξεις ; Διαχείριση κινδύνου -- Στατιστικές μέθοδοι ; Οικονομική -- Ψυχολογικές απόψεις
This paper discusses the concept of "privatization" of risk through the application of the second pillar of the pension systems, checking if it reduces the welfare of the inhabitants of a country. First, we introduce the concept of the pension problem and show that there is an urgent need to cope with it. Then we do an in depth analysis of pension systems providing the reader with the necessary tools for understanding this thesis, explaining concepts such as the pillars of the pension systems. Subsequently, we survey behavioral economics with the aim to show that the shift of risk from the employers to the employees through the implementation of the second pillar of the pension systems can have negative effects on the satisfaction that a person receives from his life. Going one step further, we introduce the economics of happiness in order to give the reader an effective tool for measuring happiness. Moving forward, we are citing examples from countries that have attempted changes to their insurance system. Finally, we conduct an empirical analysis based on the above theory, with micro-data from the SHARE for European countries that have adopted the second pillar of the pension systems and for countries that still operate based on the traditional pension system, among them and Greece.