MEA Discussion Paper 01-2015 by Tabea Bucher Koenen and Johannes Koenen - Abstract In this paper, we study the interaction between financial advisors and customers with a potential conflict of interest. We show in a simple analytical framework that advisors have an incentive to provide better advice to consumers who appear to be better informed. From this, we derive an identification strategy to infer the quality of advice received from variables observed in a representative survey of German consumers. Our identification strategy makes use of the fact that we observe both a generally observable

MEA Discussion Paper 21-2014 by Johannes Rausch - Abstract Sweden is regularly mentioned as a possible model for a reform of the German Pension Insurance System. However, this is done mostly without paying attention to the differences in the initial demographic situation of both countries. In this study, the consequences of these differences for the design of the pension insurance systems in both countries are analyzed. It becomes apparent that Sweden faces considerably smaller demographic challenges. The contribution rate of the German Statutory Pension Insurance would increase by less than

MEA Discussion Paper 20-2014 by Liudmila Antonova, Tabea Bucher-Koenen und Fabrizio Mazzonna - Abstract We investigate the long-term effects of macroeconomic crises experienced during prime working age (20 to 50) on health outcomes later in life using data from eleven European countries. Experiencing a severe crisis in which GDP dropped by at least 1% significantly reduces health later in life. Specifically, respondents hit by such a shock rate their subjective health as worse, are more likely to suffer from chronic diseases and mobility limitations, and have lower grip strength. The effects

Hans Zacher, founding director of our Institute and emeritus member of the Max Planck Society, of which he was president from 1990 to 1996, passed away after a highly successful academic life. Read obituary (German only)

MEA Discussion Paper 19-2014 von Tabea Bucher-Koenen, Annamaria Lusardi, Rob J. M. Alessie und Maarten C. J van Rooij - Abstract We document strikingly similar gender differences in financial literacy across countries. When asked to answer questions that measure knowledge of basic financial concepts, women are less likely than men to answer correctly and more likely to indicate that they do not know the answer. In addition, women give themselves lower scores on financial literacy self-assessments than men. Both young and old women show low levels of financial literacy. Moreover, women for whom

Am 18. Januar 2015 verstarb unser früherer langjähriger Mitarbeiter Dr. Bernd Schulte. Der Nachruf von Prof. Dr. Becker steht als PDF zur Verfügung. Nachruf Dr. Bernd Schulte