@article{55bab1c67603419ebe59f1105fcc647f,
title = "Policy uncertainty and information flows: Evidence from pension reform expectations",
abstract = "We examine how workers' expectations about pension reform vary with proximity to reforms, information availability and worker characteristics. Using newly collected data, we find that (1) expectations about reform are revised upward by about 10 percentage points in the year prior to a reform, from a median of 50%, regardless of whether the reform is announced; (2) expectations increase more the stronger the media activity about imminent reforms; (3) the effect of information on expectations varies systematically with characteristics that proxy cognitive ability and information value; (4) expectations do not converge as a result of reform announcements or implementations.",
author = "Emanuele Ciani and Adeline Delavande and Ben Etheridge and Marco Francesconi",
note = "Delavande and Etheridge acknowledge funding from the ESRC Research Centre on Micro-Social Change (MiSoC), award number ES/S012486/1. This paper uses data from SHARE waves 1, 2, 4, 5 and 6 (DOIs: 10.6103/SHARE.w1.600, 10.6103/SHARE.w2.600, 10.6103/SHARE.w4.600, 10.6103/SHARE.w5.600, 10.6103/SHARE.w6.600; Borsch-Supan ¨ (2022a,b,c,d,e); see Borsch-Supan ¨ et al. (2013) for methodological details. In our work, we use the 6-0-0 release of the data. The SHARE data collection has been primarily funded by the European Commission through FP5 (QLK6- CT-2001-00360), FP6 (SHARE-I3: RII-CT-2006-062193, COMPARE: CIT5-CT-2005-028857, SHARELIFE: CIT4-CT2006-028812) and FP7 (SHARE-PREP: N◦211909, SHARE-LEAP: N◦227822, SHARE M4: N◦261982). Additional funding from the German Ministry of Education and Research, the Max Planck Society for the Advancement of Science, the U.S. National Institute on Ageing (U01 AG09740-13S2, P01 AG005842, P01 AG08291, P30 AG12815, R21 AG025169, Y1-AG-4553-01, IAG BSR06-11, OGHA 04-064, HHSN271201300071C) and from various national funding sources is gratefully acknowledged (see www.share-project.org)",
year = "2023",
month = jan,
day = "1",
doi = "10.1093/ej/ueac050",
language = "English",
volume = "133",
pages = "98–129",
journal = "The Economic Journal",
issn = "0013-0133",
publisher = "Wiley",
number = "649",
}