2011 annual report

Accounts and Appendices

Content Appendices

Accounts Income Statement 2010-2011

4

A

Organization Chart and Governance

30

Notes to the Income Statement 2011

6

B

Netspar Members

33

Balance Sheet

21

C Fellows

34

Notes to the Balance Sheet

22

D

Advisory Committees

40

Auditor’s Report

28

E

Academic Events

41

F

Industry-oriented Events

42

G Publications

44

H

58

Discussion Papers

I Theses

68

J

Panel Papers

74

K

NEA Papers

75

L

Design Papers

76

M

Occasional Papers

77

N

MSc EFA Master: Courses and Teachers

78

O

Netspar – UM SBE Academy Courses

79

P

Prizes and Grants

80

Q

List of Abbreviations

81

Income Statement 2010-2011

expenses – cash flow (amounts in € 1,000) Expenses - Cash Flow Projects & Grants

First Money Stream Tilburg University Other Universities Total from First Money Stream Second Money Stream NWO Spinoza

 

  0

0

0 0  

250

72

Government Funding

3,000

800

Total from Second Money Stream

3,250

872

GAK Institute Foundation Private Partners Public Institutions Other

 

  0

1,550

1,132

104

105

774

535

Total from Third Money Stream

2,678

1,772

Total Income

6,178

2,644

67

42

Network Development General

8

Total ND general

50

273

92

81

Personnel Costs

7

6

304

480

Personnel Costs Network Development Events

EFA Scholarships

3

National Executive Education

0

Matchmaking Events

18

Total KS Education

8

Total ND Events

20 Governance & Overhead

2,441

 

Knowledge Development Projects  

Personnel Costs Board of Directors

21

Personnel Costs

10

Personnel Costs Staff

32

PIL Coordinators

30

Operating Costs

46

273

214

Research Coordinators

31

Overhead 97

Panel and NEA Papers

112

108

Large & Medium Vision Projects

0

Total Governance & Overhead

196

60 15

Small Vision Projects

18

Topicality Projects

30

Total Expences New Netspar

529

Research Grants

21

Research Master’s Grants

1

Total KD Projects

141

Communications

Academic and Executive Education EFA Scholarships Thesis Awards Total Education Other

445

337

    326

222

21

15

9

12

356

249

   

Scientific Directors & Coordination

375

Staff

675 498

Operating Costs

184

Overhead

102 30

Total Other

1,335

338 43 909

Knowledge Sharing Events

Total Expenses Old Netspar

4,003

Total Expenses Old & New Netspar



Personnel Costs

5

Topical Events

20

Pension Workshops & Pension Day

1

Total KS Events

26

Knowledge Sharing Publications Personnel Costs

4

Publications 17 Total KS Publications

4

5

2

50 0 1,867

Knowledge Sharing Education

Public Events

Total Knowledge Sharing

250

Total KS Expertise Centre

Personnel Costs

233

Education Third Money Stream

6

PhD Positions

Knowledge Sharing

 

61

Knowledge Sharing

244

Total Projects & Grants

250

Personnel Costs

738 1,357

Other

Knowledge Sharing Expertise Centre

Network Development General

443

Data (incl SHARE)

250

 

Cash 2011

New Netspar

Senior & Junior Faculty Research & Visitor Grants Cash 2011

 

Cash 2010

Themes

Research Master’s Grants Cash 2010

Cash 2011

Old Netspar

income – cash (amounts in € 1,000) Income - Cash

Cash 2010

Expenses - Cash Flow

21

3,936

5

4,003

4,465

Notes to Income Statement 2011 income - cash First Money Stream

projects and grants Themes

The first money stream income refers to a contribution by Tilburg University who doubled the Spinoza Prize.

The expenses relate to payments committed to the Theme Projects according to a predetermined payment schedule.

Second Money Stream

 Total Grant Amount

Payments

2009 2010 2011 2012 2013 2014 2015 2016

The second money stream includes contributions from the Spinoza Prize awarded to Lans Bovenberg by the

(Amounts in € 1,000)

Netherlands Organization for Scientific Research (NWO) and the subsidy from four Dutch Ministries (represented

Granted in 2006 3,000 493 -251 103 69 0 0 0 0

by the Ministry of Social Affairs and Employment).

Granted in 2007 3,000 679 330 60 85 0 0 0 0 Granted in 2009

3,500

489

658

793

533

560

413

0

0

401

518

451

501

Third Money Stream

Granted in 2010

2,000

The third money stream includes contributions of Netspar’s partners.



11,500 1,661 738 1,357 1,205 1,010 913

expenses – cash flow Old Netspar

Granted in 2006

In 2011, Netspar’s partners renewed their commitments to a new four-year contracting period. In addition,

• Peter Schotman (UM): Private Retirement Provision

Netspar received a subsidy from four government ministries (represented by the Dutch Ministry of Social Affairs

• Antoon Pelsser (UvA): Valuation and Risk Management for Insurance Companies and Pension Funds

• Maarten Lindeboom (VU) and Eddy van Doorslaer (EUR): Income, Health and Work Across the Life Cycle

and Employment) in the amount of € 1 million per year. We have therefore decided to make a distinction in the annual report between the “old” Netspar and the “new” Netspar. “Old Netspar” includes all components

Granted in 2007

financed with money that was granted before 2011; “New Netspar” pertains to all of the new projects and

• Johan Mackenbach (EUR): Living Longer in Good Health: Prospects, Strategies, Consequences

activities that Netspar has entered into using subsidies obtained from 2011 onwards.

• Casper van Ewijk (CPB): The Macroeconomics of Pension Reform • Arthur van Soest and Rob Alessie (TiU): Pensions, Savings and Retirement Decisions

In 2011, Netspar had more expenses than income, so the cash position is less favorable than in 2010. Additional funds for 2012 to 2014 were generated from a new partner, a new subsidy by Tilburg University and

Granted in 2009

NWO.

• Peter Schotman (UM): Balance Sheet Management of Pension Funds and Insurance Companies • Annamaria Lusardi (Dartmouth College): Financial Literacy: Evidence and Implications for Retirement Planning, Saving Behavior, and Financial Education Programs

6

7

0

0

30

100

30 100

• Eddy van Doorslaer (EUR) and Maarten Lindeboom (VU): Health and Income, Work and Care Across the Life Cycle II

Funded researchers: • Lieven Baele

• Meltem Daysal

• Henriëtte Prast

• Michel Vellekoop (UvA): Reconciling Short Term Risks and Long Term Goals for Retirement Provisions

• Johannes Binswanger

• Joost Driessen

• Paul Sengmuller

• Peter Kooreman (TiU) and Jan Potters (TiU): Economics and Psychology of Life Cycle Decision Making

• Katherine Carman

• Eduard Ponds

• Anja de Waegenaere

• Laura Spierdijk (RUG): Influence of Market Imperfections on Recovery Strategies for Pension Funds

PhD Positions

• Benedict Dellaert (EUR): Supporting Consumer Pension Decision-Making Online

This item pertains to the funding and co-funding of PhD positions at various participating universities. Granted in 2010



• Thomas Dohmen and Andries de Grip (UM): Human Capital and Aging



Payments

• Casper van Ewijk (CPB): Multi-Pillar Pension Schemes and Macroeconomic Performance

(Amounts in € 1,000) 2009 2010 2011 2012 2013 2014 2015

• Andrew Ang (Columbia Business School): Portfolio Strategies: Aspects of Long Horizon, Illiquidity, and Long-

Granted in 2005 33 0 0 0 0

Run Tail Risk

Granted in 2006 166 17 0 0 0

• Rob Alessie (RUG) and Adriaan Kalwij (Utrecht School of Economics): Pensions, Savings and Retirement Decisions II • Johan Mackenbach (Erasmus MC): Rising Life Expectancy: Causes and Consequences in the Netherlands

Granted in 2007

122

102

30

0

0

Granted in 2008 73 24 0 0 0 Granted in 2009

24

37

42

30

Senior & Junior Faculty

Granted in 2010

0

52

201

226

This concerns expenses related to contributions made toward individual research positions. In 2011, nine

Granted in 2011

12

researchers received Netspar-funding. Funding of individual positions is being phased out as a tool in the



156 38

Granted in 2005 • Zhen Shi: Three Essays in Pension Finance

Payments

(Amounts in € 1,000) 2009 2010 2011 2012 2013 2014 2015 Senior faculty

155

224

72

57

23

10

0

Junior faculty

190

219

172

139

126

77

30

Total

345 443 244 196 149 87 30

8

30

418 233 273 268 195 43 30

Netspar portfolio and will gradually be replaced by project-based funding only. 

43

• Karen van der Wiel: Essays on Expectations, Power and Social Security Granted in 2006 • David Vonka (discontinued in 2010)

9

• Oliver Weidenmuller: Performance and Money Flows in the Hedge Fund Industry

Research & Visitor Grants

• Marike Knoef: Well-being of the Elderly

The expenses relate to payments committed to Research Grants according to a predetermined payment schedule and payments for the 2011 Visitor Grants.

Granted in 2007 • Jinqiang Guo: Quantitative Investment Strategies and Portfolio Management



• Patrick Hullegie: Essays on Health Economics

(Amounts in € 1,000)

• Jochen Mierau: Macroeconomics of Pensions and Ageing

Granted in 2006

• Nathanaël Vellekoop: Framing and Frequency Effects

Payments Total Grant Amount

2009

2010

2011

2012

5

0

3

0

0

Granted in 2008

82

15

18

10

0

Granted in 2009

90

36

45

14

0

Granted in 2008

Granted in 2010

100

0

27

57

21

• Salvatore Stefannelli (discontinued in 2010)



277

51 92 81 21

• David Hollanders: The Effect of Aging on Pension Funds Granted in 2006 Granted in 2009

• Dimitrios Christelis and Guglielmo Weber: Expected Bequests and Wealth of Elderly Households

• Korhan Nazliben: Strategic Asset Allocation Granted in 2008 Granted in 2010

• Astrid Hopfensitz and Tanja Wranik: Increasing Confidence and Combating Overconfidence: Personality and

• Noelia Bernal: Generational Accounting Model • Tim Boonen: The Modeling of Strategic Interactions between Stakeholders in Pension Funds or Insurance

Contextual Influencing Financial Risk Taking • Roger Laeven, Bruno Niais and Enrico Perotti: Optimal Capital Structure for Insurance Companies and Pension Funds

Companies • Marc de Graaf: The Elderly Home Equity Puzzle: Explained by Demand for Long-Term Care? • Jacqueline van Leeuwen: Pensioenfondsen en prudentie bij beleggingen • Alexander de Roode: The Term Structure of Real Interest Rates

• Ting Zhang and Tong Yu: Testing Moral Hazard and Tax Benefit Hypotheses: Evidence from Pension Plan Contribution and Asset Allocation • Magnus Dahlquist and Jose Vicente Martinez: Investor Inattention: the Hidden Cost of Choice in Pension Funds • Annette Bergemann and Erik Grönqvist: The Effects of Job Displacement on the Onset and Progression of Diabetes

Granted in 2011

• Ralph Koijen, Stijn van Nieuwerburgh and Motohiro Yogo: Optimal Health and Longevity Insurance

• Zorka Simon: Liquidity Effects and Institutional Investors

10

11

Granted in 2009

• Thomas Maurer: Asset Pricing Implications of Demographic Change

• Hans Fehr: Fertility, Female Labor Supply and Family Policy

• Eduard Ponds and Juan Yermo: Funding Risks in Public Sector Workers

• Joachim Inkmann and Alexander Michaelides: Bequest Motives and Portfolio Choice

• Veronika Pool, Clemens Sialm and Irina Stefanescu: The Real Cost of Employersponsored Retirement Accounts.

• Pierre Pestieau and Uri Possen: The Effect of Retirement of the Shifting from Defined Benefit to Defined Contribution Pensions

Evidence From the Company Choice of Mutual Funds • Vallapuzha V. Sandhya and Vikas Agarwal: In-Depth Analysis of Target Date Funds

• Francesco Franzoni, Eric nowak and Ludovic Phalippou: Private Equity and Liquidity Risk • Paola Profeta and Vincenzo Galasso: Family Ties and the Design of Pension Systems and Reforms

Visitor Grants

• Tomi Kyrrä: Substitution Between Early Retirement Schemes: Lessons from Finnish Pension Reforms

Visitor grants were awarded to reimburse travel costs for researchers of interest to Netspar to come

• Dean Karlan, Sendhil Mullainathan, Jonathan Zinman and Margaret McConnell: Psychology of Savings:

to the Netherlands. As of 2012, they will no longer be offered as part of the Netspar program.

Evaluations of Innovative Savings Products • Hippolyte d’Albis and Johanna Etner: Deferred Annuities

Granted in 2008 and 2009

• Sebastian Buhai and Hans-Martin von Gaudecker: Business Cycles and the Age Structure of Labour Adjustments.

• Norma Coe

Structural Framework and Empirical Assessment

• Courtney van Houtven • Michele Belloni

Granted in 2010 • Alessandro Beber, Michael W. Brandt and Mathijs Cosemans: Institutional Ownership Composition, Asset Liquidity and Related Implications for the Optimal Investment Policy of Long-Term Investors • Scott Cederburg, Doron Avramov and Jun Tu: Long-Run Risk: Implications for Asset Allocation

Granted granted in 2010 • Douglas Hershey • Annamaria Lusardi

• Tunga Kantarci, Ingrid Smeets and Arthur van Soest: Implications of Early, Partial, and Late Retirement for Replacement Rates in a Defined Benefit System • Alexander Ludwig, Max Groneck and Alexander Zimper: On the Role of Biased Survival Beliefs in a Structural

Granted granted in 2011 • Miao Nie • Mo Wang

Life-Cycle Model • Giovanni Mastrobuoni and Filippo Taddei: The Age Profile of Earnings, Productivity and Social Security: Theory and Evidence from European Countries • Raimond Maurer: Private Equity and Liquidity Risk. The Impact of Uninsurable Labor Income Risk on Optimal Work Effort, Retirement Behavior and Portfolio Choice over the Life Cycle

12

13

Research Master’s Grants

Data (incl. SHARE)

The expenses relate to payments committed to Research Master’s Grants according to a predetermined payment schedule.

This item pertains to expenses related to accessing research data. For 2011, an one-time investment of € 250,000



had been reserved for expenses related to the 4th wave of SHARE: € 170,000 of that amount was actually spent

Payments Total Grant Amount

2008

2009

2010

2011

Granted in 2008

18

2

16

0

0

Granted in 2009

9

0

2

7

0

Granted in 2010

6

0

0

0

6

(Amounts in € 1,000)



33

2 18 7 6

in 2011. The remaining amount will be spent in 2012.

knowledge sharing Public Events The costs under this item pertain to the material expenses associated with organizing various Netspar events, involving activities that were funded with financial contributions from the period before 2011. A list of events

Granted in 2008

held in 2011 can be found in Appendices E and F.

• Jing Li: An Investigation of the Multi-Prior Approach and an Extension of It • Korhan Nazliben: Strategic Portfolio Allocation under Risk Constraints

Panel and NEA papers

• Rasa Stasiukynaite: The Effect of Background Mood and Pre-Existing Risk on Risk and Time Preference

This item pertains to subsidies and material costs associated with writing and publishing Netspar Panel and NEA

• Ma Kebin: Incentive Provision in the Credit Rating Industry

papers. Here again, actual expenses vary per year, primarily as a result of the projects’ duration. An overview of

• Georgios Petropoulos: Product Market under Uncertainty with Dynamic Strategic Interactions

these papers published in 2011 can be found in Appendices J and K.

• Zeynep Burcu: The Determinants of Fertility

Communications Granted in 2009

This item pertains to the communication costs (e.g., Netspar website, Netspar magazine, Annual Report,

• Ying Yang: The Healthy Life Expectancy According to Different Cohorts and Ages

PR materials, Relation Management System) through April 2011. The communication costs from April through

• Siyi Zhu: Safety First Approach in a Life Cycle Model

December (in “New” Netspar) are incorporated into the items under “Governance and Overhead.”

• Miao Nie: Optimal Investment Policy for Pension Funds with Transaction Costs: the Finite Horizon Case Granted in 2010

education Academic and Executive Education

• Vesile Kutlu (Tilburg University): Essays on Subjective Well-Being and Early Retirement

This item pertains to spending on the Economics and Finance of Aging MSc program and the Executive Education

• Siqi Pan (Tilburg University): Pensions, Redistribution and Intergenerational Fairness under Income

program (UM SBE Academy) run under the auspices of Netspar.

Uncertainty: an Experimental Study

14

15

EFA Scholarships

Knowledge Development – Projects

This item pertains to the monthly payments made to five students who received EFA Scholarships in the

This item pertains to expenditure on the PIL coordinators, research coordinators, Small Vision Projects, and

2010-2011 academic year.

Topicality Projects and to the personnel costs for the Netspar staff and costs for Research Grants and Research Master’s grants.

Thesis Awards This item pertains to the awards Netspar gives out for the best theses in four categories: Bachelor’s, Master’s,

Due to the financial uncertainty Netspar faced in 2011, no Large or Medium Vision Projects were granted in 2011.

Research Master’s, and PhD (see page 76).

Small Vision Projects other Other



Other costs concern expenditure related to the Scientific Directors & Coordination (Board of Directors, Education

(Amounts in € 1,000) Total Grant Amount

Payments 2011

2012

2013

2014

2015

18

101

129

92

14

Directors, Research Coordinators, and Editorial Board) and on staff, operating costs, and overhead paid to Tilburg

Granted in 2011

354

University for housing and other facilities. Operating costs in 2010 were substantially higher. One of the reasons



354 18 101 129 92 14

for this difference was that in 2011 the yearly Netspar contribution to the Faculty of Social Sciences of Tilburg University, in the amount of € 50,000, ended.

Granted in 2011 • Niels Vermeer (TiU): Non-Financial Determinants of the Individual Retirement Age

New Netspar

• Yang Zhou (TiU): Guarantees in Pension Plans

Network Development – General

• Sjoerd Timmermans (TiU): Pension Plan Design: Individual Solutions and Collective Improvements

This item pertains to the personnel costs for members of the Netspar staff and publication costs for the

• Jordana Liberali(EUR): Designing Risk Profile Questions that Help Consumers to Better Understand Pension Risks

Newsflash e-newsletter and Netspar Magazine.

• Louise Nell (UU): Choosing Better with Comprehensible Pension Overviews • Ivor Witte (VU): Supervision Rules: Contribution to or Prevention of Better Pension Protection

Network Development – Events These costs pertain to the matchmaking event in March.

16

17

Topicality Projects

Research Grants



Payments Total Grant Amount

(Amounts in € 1,000)



2011

2012

2013

2014

137

16

11

Granted in 2011

193

30



193

30 137 16 11

(Amounts in € 1,000)

Payments Total Grant Amount

2011

2012

Granted in 2011

70

21



70

21 49

49

Granted in 2011*

Granted in 2011

• Elisabeth Brüggen (UM), Ingrid Rohde (UM) and Mijke van den Broeke (AEGON): Verschillende mensen,

• Söhnke Bartram: Post-Retirement Benefit Plans, Leverage, and Real Investment

verschillende keuzes: de invloed van communicatie op de pensioenskeuze  • Anja De Waegenaere (TiU), Bertrand Melenberg (TiU), Tim Boonen (TiU) and Alexander Paulis (APG): Het koppelen van de pensioenleeftijd aan ontwikkelingen in de levensverwachting • Didier Fouarge (UM), Andries de Grip (UM) and Raymond Montizaan (UM): Hoe gevoelig is de uittredeleeftijd voor veranderingen in het pensioenstelsel?  • Frank de Jong (TiU) and Peter Schotman (UM): De inschatting van de reële pensioenrisico’s per deelnemer en het analyseren van consistentie in ambitie, financiering en resultaat van een Pensioenfonds  • Ralph Koijen (Chicago), Jules van Binsbergen (Kellogg), Dirk Broeders (DNB), Joris van Dijk (MinFin) and Myrthe de Jong (MinFin): Mogelijkheden om keuzevrijheid vorm te geven met behoud van solidariteit en collectiviteit  • Marike Knoef (RUL), Adriaan Kalwij (UU), Rob Alessie (RUG), Koen Camenida (RUL) and Kees Goudswaard (RUL): Pension Reforms and the Financial Well-Being of Dutch Elderly Households • Giovanna Nicodano (CeRP), Kees de Vaan (Achmea),  Daniele Fano (Tor Vergata University) and Herialt Mens

• Tullio Jappelli, Dimitris Christelis and Dimitris Georgarakos: Wealth Stocks, Consumption and Asset Allocation of Older Households • Petra de Jong, Jan Rouwendal, Pascal van Hattum and Aleid Brouwer: Housing Preferences of an Ageing Population: Insight in the Diversity Among Senior Citizens • Orly Lobel and On Amir: Risk Management for the Future: Judgment, Decision Making and Choice Architecture • Kim Peijnenburg, Olivia Mitchell, Stephen Dimmock and Roy Kouwenberg: Uncertainty Attitudes and Savings of the Elderly • Marjan Maes: Micro-Econometric Estimation of the Labour Supply, Budgetary and Distributional Impact of the Earnings Test in the Old-Age Pension Scheme: the Case of Belgium • Bastian Ravesteijn, Eddy van Doorslaer and Hans van Kippersluis: Occupational Choice and Health: which Jobs Offer Better Health Prospects for a Long Career? • Hanna van Solinge: Explaining Transitions into Self-Employment after (Early) Retirement

(Achmea): A Reporting Standard for Defined Contribution Pension Plans • Antoon Pelsser (UM) and Niels Kortleve (PGGM): Europees Toezicht op Pensioenfondsen

Research Master’s Grants

• Eduard Ponds (TiU), Roel Mehlkopf (CPB), Dick Boeijen (PGGM), Mark Brusse (PGGM), Pascal Jansen (PGGM), Jiajia



Cui (UvA) and Zina Lekniute (APG): Leeftijddifferentiatie  • Bas Werker (TiU) and Theo Nijman (TiU): Implicaties van de keuze van de disconteringsvoet in het concept StAR * Mostly in Dutch

contract

18

Payments Total Grant Amount

2011

Granted in 2011

6

1



6

1 5

(Amounts in € 1,000)

2012 5

19

Balance Sheet

Netspar Balance Sheet – 31 December 2011

Current Assets

Equity

Partner Contracts from 2011

2,588,188

Liquidation Reserve

NWO Subsidy

1,500,000

2012 Budget

2,834,000

377,000

Tilburg University Subsidy

1,000,000

2013 Budget

2,946,000

Granted in 2011

SZW Subsidy

4,000,000

2014 Budget

1,606,163

• Ang Ling Ying Dyonisius: When are we Predictably Irrational? Limited Resource Model and Risk Preferences



• Chi Chen: The Retirement Patterns and Retirement Expectations between Ethnic Dutch and Immigrants

Other Receivables

9,088,188 491,000

7,763,163

Long-term Liabilities



Ongoing Theme Projects

Knowledge Sharing – Events

Cash, In Cash 6,447,758

Topicality Projects

This item pertains to costs for events presented on topical issues and personnel costs for members of the Netspar

Small Vision Projects

staff. A list of events held in 2011 can be found in Appendices E and F.



Senior Faculty



Junior Faculty

Knowledge Sharing – Publications

PhD’s

This item pertains to costs for the Editorial Board of Netspar and costs for editing and printing publications.



Personnel Costs

3,104,013 163,066 336,489 89,931 372,741 535,067 1,207,676

Data

203,000

Knowledge Sharing – Expertise Center



Panel and NEA Papers

458,000

Personnel costs for members of the Netspar staff and some student assistants. Also included under this item are



Management & Coordination

costs pertaining to travelling and literature.



Operation Costs & Miscellaneous

707,000



TiasNimbas Executive Education

450,000

112,000

Knowledge Sharing – Education



Personnel costs for members of the Netspar staff and expenditure related to the EFA scholarships. In 2011, three



Short-term Liabilities

students were awarded such scholarships.



Commitments for 2011



January 2012 Pension Workshop

100,000

Knowledge Sharing – National Executive Education



June 2012 Pension Workshop

100,000

In 2011 TiasNimbas was contracted to execute the new executive education program for professionals working in the



EFA Scholarships

pension sector. This program will start in September 2012.



Research Master’s Grants



Research Grants

Governance and Overhead



Other Debts

This item concerns expenditure related to the Board of Directors, Netspar staff, operating costs, and overhead



paid to Tilburg University for housing and other facilities.

16,026,946 16,026,946

20

21

7,738,983

90,000

6,000 4,800 70,000 154,000 524,800

Notes to the Balance Sheet assets Partner Contracts from 2011

equity Liquidation Reserve

In 2011 the following partners agreed to fund Netspar for four more years:

This item pertains to reserves set aside for possible future personnel claims in the event Netspar is liquidated.

• Achmea

• Cardano

• PGGM

• Aegon

• De Nederlandsche Bank

• Robeco

2012-2014 Budget

• APG Group NV

• Nationale Nederlanden

• SVB

This item pertains to the budget for the years 2012 through 2014. The budget was approved by the Supervisory

• ASR Pensioenen

• Ortec Finance BV

Board on January 17, 2012. The budget for 2014 is based on contracts running through April 1, 2014.

ABN AMRO agreed to fund for one more year. The contract with Zwitserleven was still valid until 2012.

Ongoing Theme Projects NWO Subsidy

This item concerns the Theme Projects that were granted before 2011, which will not be finished by the end of

The Netherlands Organization for Scientific Research agreed to fund Netspar in the total amount of € 1.5 million

2012. Theme Projects that will finish by the end of 2012 are mentioned under the heading “Other Debts”.

to be spent over 3 years.

Topicality Projects Tilburg University Subsidy

In 2011, ten Topicality Projects were granted. This items concerns the payments that still have to be made for

In 2011, the Board of Directors of Tilburg University designated Netspar as “Center of Excellence.” As part of that

these Topicality Projects.

status, it is granting Netspar an amount of € 1 million to be spent over 5 years.

Small Vision Projects SZW Subsidy

In 2011, six Small Vision projects were granted. This item pertains to the payments owed over the next few years

The Dutch Ministry of Social Affairs and Employment, representing a consortium of four Dutch ministries, granted

for these projects.

Netspar the amount of € 1 million a year for four years.

Senior Faculty, Junior Faculty, and PhD’s Other Receivables

Funding of individual positions is being phased out as a tool in the Netspar portfolio and will gradually be

This item pertains to interest and other types of income.

replaced by project-based funding only. These are the payments for the still existing commitments. A more detailed explanation was given earlier under the “Expenses” section.

Cash This is the bank balance as of December 31, 2011.

22

23

Personnel Costs

January 2012 Pension Workshop

These are the personnel costs for Netspar staff from 2012 through 2014, which are not related to projects granted

This item pertains to projected expenditure for the Pension Workshop in January 2012 in Amsterdam.

before 2011.

June 2012 Pension Workshop Data

This item pertains to projected expenditure for the Pension Workshop in June 2012 in Paris.

This item pertains to future expenditure that will be needed to buy data for use in Netspar projects granted

EFA Scholarships

before 2011.

This item pertains to projected expenditure for EFA students who received scholarships in 2011.

Panel and NEA Papers This item pertains to expenditure related to papers emanating from ongoing projects that were granted before

Research Master’s Grants

2011.

This item pertains to projected expenditure for research master’s students under grants awarded in 2011. A more detailed explanation can be found under the “Expenses” section.

Management and Coordination These are personnel costs for the Netspar Board of Directors related to projects granted before 2011.

Research Grants This item pertains to projected expenditure for research grants awarded in 2011. A more detailed explanation can

Operation Costs and Miscellaneous

be found under the “Expenses” section.

These are the personnel costs for the Netspar staff and operation costs related to projects granted before 2011.

Other Debts TiasNimbas Executive Education

This item pertains to projected expenditures on Theme Projects that will finish by the end of 2012.

In 2011, Netspar concluded a contract with TiasNimbas to provide Netspar with executive education in 2012 and 2013.

Commitments for 2011 This item pertains to invoices that had not yet been received by the end of 2011 but which relate to expenditures in 2011.

24

25

in kind/matching

expenses – in kind (amounts in € 1,000)

Expenses - In-kind

universities, as shown in the table below.

Expenses – In kind

income – in kind (amounts in € 1,000)

Projects & Grants

2010 In-kind

Network Development – General

2011 In-kind

Old Netspar Themes 2010 In-kind

First Money Stream Tilburg University

 

 

0

5

0

5

314

127

 

 

Total Projects & Grants

1,607

1,580

635

660

Knowledge Development – Project Grants

Senior & Junior Faculty

1,185

1,205

Knowledge Sharing

 

 

1,865

Public Events

0

85

Total Knowledge Sharing

0

85

Third Money Stream

 

 

Private Partners

0

189

Public Institutions

0

15

Total from Third Money Stream

0

204

Total from First Money Stream

Network Development – General Total ND General

1,293 1,453

2011 In-kind

1,820

Other Universities

2011 In-kind

New Netspar

In 2011, a substantial portion of Netspar’s expenditure was matched in kind by either our partners or by

Income – In kind

2010 In-kind

Personnel Costs

0

16

Small Vision Projects

0

33

Topicality Projects

0

89

Total KD Project Grants

0

138

Knowledge Sharing – Publications Education    

Personnel Costs

21

Academic and Executive Education

0

21

Total KS Publications

21

Total Education

0

21 Knowledge Sharing – Education

Total Income

1,820

2,069

Other

   

Scientific Directors & Coordination

213

173

Total Other

213

173

Personnel Costs

21

Total KS Education

21

Governance & Overhead Total Old Netspar Expenses

1,820

1,859

Personnel Costs – Board of Directors

25

Total Governance & Overhead

25

Total New Netspar Expenses

210

Total Expenses

26

27

1,820

2,069

Auditor’s Report

28

29

appendix a

Organization Chart and Governance governance changed in 2012 In order to enhance Netspar’s standing as an independent and multidisciplinary organization, the Netspar Foundation (Stichting Netspar) was created on 1 January 2012. The Foundation Board includes representatives

(Executive) Advisory Board

Tilburg University / Tilburg School of Economics and Management

from all of Netspar’s partners and is responsible for appointing a seven-member Supervisory Board that must include a member of the Tilburg University Executive Board. The Netspar Supervisory Board appoints the director of the Netspar Foundation. Netspar activities are carried out by the Netspar Center, a unit at Tilburg University that falls directly under the TiU Executive Board. The Netspar Center Board of Directors at this time consists of Frank van der Duyn Schouten as chairman of the board (also serving in the capacity of director of the Netspar Foundation); Theo Nijman as scientific director; and Peter Gaillard as managing director. A covenant between

Scientific Council Netspar Board of Directors

Tilburg University and the Netspar Foundation stipulates that the budget and annual financial statements for the Netspar Center must be approved by the foundation’s Supervisory Board. This ensures that Netspar’s partners

Partner Council

can exert indirect, but effective, influence over how the financial resources they have furnished are spent. In this section we describe the governance and organization structure 2011.

(executive) advisory board

Advisory Board constitute the Executive Advisory

• Han van Dissel, UAmsterdam

The Board of Directors is supervised by the Advisory

Board (members marked with an * below) and

• Maarten Edixhoven, Zwitserleven

Board, which is composed of representatives of all

meet with the Netspar Board on a more frequent

• Marco Keim, AEGON (*)

partners. The members of Netspar’s Advisory Board

basis. In 2011, its members were:

• Theo Kocken, Cardano

are usually active at the board level in their insti-

• Jean Frijns (Chair), Netspar Fellow (*)

• Ruud Koning, UGroningen

tution or company. The Advisory Board decides

• Peter Apers, UTwente

• Harman Korte, AFM

on the yearly budget, the annual report and on

• Henri den Boer, ING/NN

• Franz Palm, UMaastricht

general policy issues such as new partners,

• Jeroen van Breda Vriesman, Interpolis / Achmea (*)

• Janneke Plantenga, UUtrecht

contributions and strategy. Due to its size

• Maarten Camps, SZW (on behalf of four partici-

• Hans Rademaker, Robeco

(24 members), 6 representatives from the

30

pating ministries)

• Martin van Rijn, PGGM

31

appendix b

appendix a - Organization Chart and Governance

Netspar Members December 2011 • Frans de Roon, TiU - TiSEM

scientific council

• Dirk Broeders, DNB

industry members

government members

• Klaas Sijtsma, TiU – TSB

The Scientific Council advises the Netspar Board on

• Ton de Bruin, VvV

ABN AMRO

Autoriteit Financiële Markten

• Dick Sluimers, APG (*)

the scientific content of proposals for theme grants,

• Daniel Haesen, Robeco

Achmea

De Nederlandsche Bank

• Erry Stoové, SVB

and assesses the scientific quality of Netspar’s

• Lyda den Hartog, Min EL&I

AEGON

Sociale Verzekeringsbank

• Job Swank, DNB (*)

output in the tri-annual evaluation. The current

• Carel Hooghiemstra, ABN AMRO

APG

• Steef van de Velde, ErasmusU

members of the Scientific Council are:

• Myrthe de Jong, MinFin

ASR

• Harmen Verbruggen, VU Amsterdam (*)

• David Blake, City University London

• Niels Kortleve, PGGM

Cardano

• Roeland van Vledder, ASR Verzekeringen

• Richard Blundell, University College London

• Arno Lammeretz, APG

Nationale-Nederlanden

• Wim Walsteijn, ABN AMRO

• Zvi Bodie, Boston University

• Adrie Moons, SZW

Ortec Finance

• Ton van Welie, Ortec Finance

• Tito Boeri, University of Bocconi

• Joos Nijtmans, Achmea

PGGM

• Paul Embrechts, ETH-Zentrum (Zürich)

• Bart Oldenkamp, Cardano

Robeco

• Christian Gollier, University of Toulouse, Toulouse

• Robert Olieman, SVB

Zwitserleven

board of directors The Board of Directors is entrusted with the overall

School of Economics

• Arie Perfors, AEGON

daily management of Netspar and responsible for

• Olivia Mitchell, University of Pennsylvania

• Julia Adam, Pensioenfederatie

scientific members

the direction and coordination of the research,

• Johan Karl Scholz, University of Wisconsin,

• Robert Snep, Zwitserleven

Erasmus University Rotterdam

• Hens Steehouwer, Ortec Finance

Maastricht University

• Edwin van Tricht, NN

Tilburg University

• Debora Vente, AFM

University of Amsterdam

• Willem van der Vorm, ASR Verzekeringen

University of Groningen

education and dialogue with the participating institutions. They also ensure that the quality of

Madison • Luis M. Viceira, Harvard University

the research adheres to high scientific standards. Furthermore they are responsible for the structure

partner council

and functioning of the respective boards and the

Each partner from the network (except the knowl-

University of Twente

funding. A managing director is in charge of

edge institutions) has one representative, usually

Utrecht University

Netspar’s staff. The Board of Directors of Netspar:

at the specialist level, in the Partner Council.

VU University Amsterdam

• Frank van der Duyn Schouten (chairman,

The Partner Council plays a crucial role in the final

director Partner Contacts)

priority setting of theme grant proposals, as well as

• Theo Nijman (scientific director)

the Netspar research agenda in general. At the end

• Dominique de Vet (managing director)

of 2010 the members of the Partner Council were:

32

33

appendix c

Fellows

December 2011 senior fellows dutch affiliation

Donkers, B. (Bas)

EUR

Kalwij, A. (Adriaan)

UU

Pelsser, A.A.J. (Antoon)

UM

Trautmann, S. (Stefan)

TiU

Erdogan - Ciftci, E. (Esen)

EUR

Adema, Y. (Yvonne)

EUR

Doorslaer, E.K.A. van (Eddy)

EUR

Keren, G.B. (Gideon)

TiU

Perotti, E. (Enrico)

UvA

Turlings, M. (Marc)

Achmea

Fedotenkov, I. (Igor)

TiU

Alessie, R.J.M. (Rob)

RUG

Draper, D.A.G. (Nick)

CPB

Kippersluis, J.L.W. van (Hans)

EUR

Ponds, E.H.M. (Eduard)

APG

Vellekoop, M.H. (Michel)

UvA

Graaf, M.A. de (Marc)

VU A

Angelini, V. (Viola)

RUG

Driessen, J.J.A.G. (Joost)

TiU

Klaauw, B. van der (Bas)

VU A

Post, T. (Thomas)

UM

Verbeek, M.J.C.M. (Marno)

EUR

Hollanders, D. (David)

TiU

Baal, P.H.M. van (Pieter)

RSM

Dupuy, A. (Arnoud)

UM

Klein, T.J. (Tobias)

TiU

Potters, J.J.M. (Jan)

TiU

Vermeulen, F. (Frederic)

TiU

Hullegie, P. (Patrick)

TiU

Baele, L. (Lieven)

TiU

Erp, F.A.M. van (Frank)

CPB

Knaap, T. (Thijs)

APG

Prast, H.M. (Henriëtte)

TiU

Vlaar, P. (Peter)

APG

Ismayilov, H. (Huseyn)

TiU

Bago d’Uva, T.M. (Teresa)

EUR

Euwals, R.W. (Rob)

CPB

Koopmanschap, M. (Marc)

EUR

Raaij, W.F. van (Fred)

TiU

Waegenaere, A.M.B. De (Anja)

TiU

Janssen, M.J.J. (Michiel)

UvA

Bauer, R. (Rob)

UM

Ewijk, C. van (Casper)

CPB

Kooreman, P. (Peter)

TiU

Riedl, A.M. (Arno)

UM

Werker, B.J.M. (Bas)

TiU

Joseph, A. (Agnes)

UvA

Beetsma, R.M.W.J. (Roel)

UvA

Ewijk, R.J.G. van (Reyn)

VU A

Kortleve, N. (Niels)

PGGM

Rietveld, P. (Piet)

VU A

Westerhout, E. (Ed)

CPB

Kabatek, J. (Jan)

TiU

Bikker, J. (Jaap)

DNB

Frehen, R. (Rik)

TiU

Kunst, A. (Anton)

UvA - AMC

Romp, W. (Ward)

UvA

Wiel, K. van der (Karen)

CPB

Kantarci, T. (Tunga)

TiU

Binswanger, J. (Johannes)

TiU

García Gómez, P. (Pilar)

EUR

Laeven, R.J.A. (Roger)

UvA

Rooij, M.C.J. van (Maarten)

DNB

Wijnbergen, S.J.G. van (Sweder)

UvA

Karpinska, K. (Kasia)

NIDI

Bloemen, H.G. (Hans)

VU A

Giesen, I. (Ivo)

UU

Lentz, L. (Leo)

UU

Roon, F.A. de (Frans

TiU

Wilthagen, C.J.M. (Ton)

TiU

Klijs, B. (Bart)

Erasmus MC

Boele-Woelki, K. (Katharina)

UU

Goorbergh, R.W.J. van den (Rob) APG

Lindeboom, M. (Maarten)

VU A

Roorda, B. (Berend)

UTwente

Zeelenberg, M. (Marcel)

TiU

Knoef, M. (Marike)

Universiteit

Bolhaar, J.A. (Jonneke)

VU A

Gradus, R.H.J.M. (Raymond)

CDA

Lourenço, C.J.S. (Carlos)

RSM

Rouwendal, J. (Jan)

VU A

Bonsang, E. (Eric)

UM

Grip, A. de (Andries)

UM

Lundborg, P. (Petter)

VU A

Salm, M. (Martin)

TiU

junior fellows dutch affiliation

Koc, E. (Emre)

TiU

Bouwknegt, P. (Pieter)

NN

Groezen, B.J.A.M. van (Bas)

TiU

Lutjens, E. (Erik)

VU A

Schenk, H. (Hans)

UU

Bakx, P. (Pieter)

EUR

Kort, J. de (Jan)

UvA

Bovenberg, A.L. (Lans)

TiU

Haastrecht, A. van (Alexander)

VU A

Mackenbach, J.P. (Johan

Erasmus MC

Schotman, P.C. (Peter)

UM

Berkum, F. van (Frank)

UvA

Kutlu, V. (Vesile)

UU

Broer, D.P. (Peter)

CPB

Heeringa, W. (Willem)

DNB

Mahieu, R. (Ronald)

TiU

Schumacher, J.M. (Hans)

TiU

Bernal Lobato, N. (Noelia)

TiU

Lammers, M. (Marloes)

SEO Economisch

Brouwer, W.B.F. (Werner)

RSM

Heijdra, B.J. (Ben)

RUG

Mastrogiacomo, M. (Mauro)

CPB

Schut, F.T. (Erik)

EUR

Bilsen, S. van (Servaas)

TiU

Onderzoek

Carman, K. (Katherine)

TiU

Henkens, C.J.I.M. (Kène)

NIDI

Meijdam, A.C. (Lex)

TiU

Sengmuller, P.F. (Paul)

TiU

Bogaard, L. van den (Levi)

TiU

Leeuwen, J.G.E. van (Jacqueline) UU

Cörvers, F. (Frank)

UM

Hochguertel, S. (Stefan)

VU A

Melenberg, B. (Bertrand)

TiU

Soest, A.H.O. van (Arthur)

TiU

Bonenkamp, J.P.M. (Jan)

CPB

Majer, I.M. (Istvan Matyas)

Erasmus MC

Cui, J.J. (Jia Jia)

UvA

Hoffmann, A. (Arvid)

UM

Nibbelink, A. (André)

CPB

Solinge, H. van (Hanna)

NIDI

Boonen, T.J. (Tim)

TiU

Mehlkopf, R (Roel)

TiU

Dalton, P. (Patricio)

TiU

Huang, X. (Xiaohong)

UTwente

Nijman, Th.E. (Theo)

TiU

Spierdijk, L. (Laura)

RUG

Calseyde, P.P.F.M. van de (Philippe) TiU

Meijer, C. de (Claudine)

Erasmus MC

Daysal Trandafir, N.M. (Meltem)

TiU

Jacobs, B. (Bas)

EUR

Norde, H. (Henk)

TiU

Stadje, M. (Mitja)

TiU

Conen, W.S. (Wieteke)

NIDI

Mierau, J.O. (Jochen)

RUG

Dellaert, B.G.C. (Benedict)

EUR

Jong, F.C.J.M. de (Frank)

TiU

Nusselder, W. (Wilma)

Erasmus MC

Teppa, F. (Federica)

DNB

Damman, M. (Marleen)

NIDI

Nazliben, K. (Korhan)

TiU

Dohmen, T. (Thomas)

UM

Kalmijn, M. (Matthijs)

TiU

Ourti, T. van (Tom)

EUR

Teulings, C.N. (Coen)

CPB

Diris, B. (Bart)

RSM

Nell, L. (Louise)

UU

34

Leiden

35

appendix c - Fellows

Nie, M. (Miao)

TiU

Zheng, J. (Jie)

TiU

Bütler, M. (Monika)

University of St Gallen

Inkmann, J. (Joachim)

University of Melbourne

Monden, C.W.S. (Christiaan) Oxford University

Stevens, R. (Ralph)

University of New

Obulqasim, P. (Parida)

EUR

Zweerink, J. (Jochem)

TiU

Chen, A. (An)

Universität Bonn

Jappelli, T. (Tullio)

University of Naples

Nicodano, G. (Giovanna)

Collegio Carlo Alberto



South Wales

Ooijen, R. van (Raun)

RUG

Cocco, J. (Joao)

London Business School



Federico II

Nies, K. (Kathrin)

Allianz Global Investors

Tonks, I. (Ian)

University of Bath

Peters, F. (Frederik)

Erasmus MC

senior fellows non-dutch affiliation

Coe, N. (Norma)

Boston College, Center

Jousten, A. (Alain)

Université de Liège

O’Donnell, O. (Owen)

University of Macedonia

Trevisan, E. (Elisabetta)

Università Ca Foscari,

Rappange, D. (David)

Erasmus MC

Ang, A. (Andrew)

Columbia University



for Retirement Research

Kapteyn, A. (Arie)

RAND

Orszag, M. (Michael)

Towers Watson

Venezia

Reijnders, L. (Laurie)

RUG

Attanasio, O. (Orazio)

University College

Collin-Dufresne, P. (Pierre) Columbia University

Keuschnigg, C. (Christian) University of st Gallen

Pasini, G. (Giacomo)

Università Ca Foscari,

Uhlig, H. (Harald)

University of Chicago

Roode, F.A. de (Alexander)

TiU

London

Cremer, H. (Helmuth)

University of Toulouse

Mevrouw L. Klapper

World Bank

Venezia

Viceira, L.M. (Luis)

Harvard University

Sanders, L. (Lisanne)

TiU

Banks, J. (James)

University of Manchester

Dahlquist, M. (Magnus)

Stockholm School of

Koijen, R.S.J. (Ralph)

University of Chicago

Pestieau, P. (Pierre)

University of Liège

Webb, A. (Anthony)

Boston College, Center

Santen, P. van (Peter)

RUG

Barr, N. (Nicholas)

London School of

Economics

Kotlikoff, L.J. (Laurence)

Boston University

Rauh, J.D. (Joshua)

Kellogg School of



for Retirement Research

Schie, R. van (Ron)

EUR

Economics

Dai, R. (Renxiang)

China Minzu Securities

Krüger, D. (Dirk)

University of

Management

Wise, D. (David)

Harvard University

Scholte, R.S. (Robert)

VU A

Bekaert, G. (Geert)

Columbia University



Co. Ltd.

Pennsylvania

Rohwedder, S. (Susann)

RAND

Zeldes, S.P. (Stephen)

Columbia University

Shen, S. (Sally)

UM

Belloni, M. (Michele)

Collegio Carlo Alberto

d’Albis, H. (Hippolyte)

Université de Toulouse

Lopes, P. (Paula)

Scholz, J.K. (John Karl)

University of Wisconsin

Stam, K. (Kirsten)

TiU

Berg, G.J. van den (Gerard) University of Mannheim

Demange, G. (Gabrielle)

EHESS

Economics



- Madison

junior fellows non-dutch affiliation

Tausch, F. (Franziska)

UM

Blake, D. (David)

Cass Business School,

Fehr, H. (Hans)

University of Würzburg

López Nicolás,. Á. (Ángel) Universidad Politecnica

Sheshinski, E. (Eytan)

The Hebrew University

Avitabile, C. (Ciro)

Tsekouras, D. (Dimitrios)

EUR



City University

Fornero, E. (Elsa)

University of Turin



de Cartagena



of Jerusalem

London

Tuijp, P. (Patrick)

TiU

Blundell, R. (Richard)

University College

Gaudecker, H.M. von

Low, H. (Hamish)

University of Cambridge

Shi, Z. (Zhen)

University of Melbourne

Bissonnette, L. (Luc)

University of Laval

Umar, Z. (Zaghum)

RUG

London

(Hans-Martin)

University of Mannheim

Ludwig, A. (Alexander)

University of Cologne

Skinner, J. (Jonathan)

Dartmouth College

Brigden, N. (Neil)

University of Alberta

Vellekoop, N. (Nathanael)

TiU

Bodie, Z. (Zvi)

Boston University

Gollier, C. (Christian)

Université de Toulouse

Lusardi, A. (Annamaria)

George Washington

Smetters, K.A. (Kent)

University of

Chen, B. (Bingxu)

Columbia University

Vonka, D. (David)

TiU



School of Management

Gomes, F.J. (Francisco)

London Business School



School of Business

Pennsylvania

Gorovyy, S. (Sergiy)

Columbia University

Vonkova, H. (Hana)

TiU

Boeri, T. (Tito)

University of Bocconi

Haliassos, M. (Michael)

University of Frankfurt

Mastrobuoni, G. (Giovanni) Collegio Carlo Alberto

Sorensen, M. (Morten)

Hansen, C.W. (Casper)

University of Southern

Vos, S.J. (Siert-Jan)

UvA

Bommier, A. (Antoine)

Université de Toulouse

Häubl, G. (Gerard)

University of Alberta

Maynard, N. (Nick)

Doorways 2 Dreams

Sørensen, P.B. (Peter Birch) University of

Denmark

Wisniewska, A.M. (Anna)

UM

Börsch-Supan, A. (Axel)

University of Mannheim

Hougaard-Jensen, S. (Svend) Copenhagen Business

Michaelides, A. (Alex)

University of Cyprus

Copenhagen

Hedegaard, E. (Esben)

Leonard N. Stern School

Witte, I. (Ivor)

VU A

Brown, J. (Jeffrey)

University of Illinois

School

Michaud, P.C. (Pierre-Carl) Université du Québec à

Spinnewijn, J. (Johannes) London School of



of Business

Wolferen, J. van (Job)

TiU

Bucciol, A. (Alessandro)

University of Verona

Houtven, C.A.H. van

Montréal

Economics

Kettle, K.L. (Keri)

University of Alberta

Yang, Y. (Ying)

TiU

Bucher-Koenen, T. (Tabea) Munich Center for the

(Courtney)

Duke University

Mitchell, O. (Olivia)

Staubli, S. (Stefan)

Kindermann, F. (Fabian)

University of Würzburg

Zandberg, E. (Eelco)

RUG



Hurd, M. (Michael)

RAND

Pennsylvania

Le Blanc, J. (Julia)

University of Frankfurt

Economics of Aging (MEA)

36

London School of

University of

Columbia University

University of St Gallen

37

University College

appendix c - Fellows

Lønstrup, L. (Lars)

University of Southern

Denmark Monticone, C. (Chiara)

Collegio Carlo Alberto

Peijnenburg, K. (Kim)

University of Bocconi

Ree, J. de (Joppe)

World Bank

Sun, W. (Wei)

Boston College, Center



for Retirement Research

Walter, S. (Stefan)

Harvard University

38

39

appendix d

appendix e

Advisory Committees

Academic Events

December 2011 editorial board

research coordinators

pil coordinators

international pension workshop, amsterdam

An Editorial Board (EB) consisting of both academ-

Research Coordinators, in consultation with the

Netspar’s PIL coordinators advise the Board of

Keynote speakers: Stephan Zeldes (Columbia University), Susan Rohwedder (RAND Center for the Study of Aging)

ics and practitioners, selects the topics and authors

management of Netspar, allocate research and

Directors and especially the Scientific Director on,

for Panel and NEA papers, and ensures that these

visitor grants and select papers for the Pension

for example, fellowship, grants, and overall

international pension workshop, turin (italy)

papers meet the highest quality standards.

Workshops and Pension Day.

research policy. The PIL coordinators are each

Keynote speakers: David Laibson (Harvard University), Annamaria Lusardi (Dartmouth College and George

An additional responsibility of the EB is the selec-

The current research coordinators are:

responsible for one (or two) PILs: Pension Innova-

Washington University), Marco Pagano (University of Naples) and Ignazio Visco (Bank of Italy)

tion of nominees and winners of the Netspar Thesis

• Monika Bütler, Universität St. Gallen

tion Labs (part of the Netspar Research Agenda).

Awards competition. The current members of the

• Ben Heijdra, RUG

The current PIL coordinators are:

pension day, utrecht

Editorial Board are:

• Marno Verbeek, EUR

• Niels Kortleve (PGGM), PIL1. Risk management

The aim of this Pension Day is to encourage cross-fertilization between the different (sub)disciplines and to

• Roel Beetsma, UvA

educational directors

• Bas Werker (TiU), PIL2. Risk management during

• Bart Boon, Ministry of Finance

Two Program Directors are responsible for Netspar’s

• Eddy van Doorslaer, EUR

Educational Programs: the MSc program Econom-

• Kees Goudswaard, Leiden University

ics and Finance of Aging, and the Netspar – UM

and PIL7. Heterogeneity within generations and

Date  Event

Participants from

Participants from Participants from

• Martijn Hoogeweegen, ING

SBE Academy, a joint initiative of Netspar and

the position of senior citizens.



pension and

public sector

academia

abroad

• Arjen Hussem, PGGM

Maastricht University Business School for executive



insurance industry

• Frank de Jong, TiU

education.

2011-01-26/28 International Pension Workshop

6

15

89

42

• Adrie Moons, Ministry of Social Affairs and

• Bertrand Melenberg, TiU

• Erik Beckers, Zwitserleven

Employability

during working life. retirement years. • Arthur van Soest (TiU), PIL3. The art of choosing

• Theo Nijman (TiU) interim (in 2011: Antoon Pelsser (UM)), PIL4. Supervision of fully funded pensions:

• Rob Bauer, UM

solvency and transparency. • Lans Bovenberg (TiU), PIL5. Risk sharing and

• Johan Nieuwersteeg, AEGON

distribution among generations: full funding,

• Joos Nijtmans, Achmea

pay-as-you-go, taxation.

• Alwin Oerlemans, APG

encourage open discussion and intellectual exchange between Netspar’s junior fellows and fellows.

5

157

2011-06-16/17 International Pension Workshop 0 0 30 0 55 85 2011-11-11

Pension Day

5

11

46

• Ton Wilthagen (TiU), PIL6. The labor market.

• Joeri Potters, Cardano • Peter Schotman, UM • Hens Steehouwer, ORTEC Finance • Peter Wijn, APG

40

Other participants Participants from Total

41

3

2

67

appendix f

Industry-oriented Events Date  Event

Participants from

Participants from Participants from public sector

Other participants Participants from Total



pension and



insurance industry

academia

abroad

2011-02-02

Werkgroep langlevenrisico

19

1

6

4

0

2011-02-04

Werkgroep zorgplicht

17

0

6

4

0

Date  Event

Participants from Participants from public sector

academia

abroad



pension and



insurance industry

30

2011-12-02

Rising life expectancy

4

3

27

14

2

50

27

2011-12-16

Werkgroep ontwikkeling van de 10

2

6

2

0

20

2011-03-02

Match making event

16

4

22

0

1

42



levensverwachting en consequenties

2011-03-30

Anniversary meeting

26

6

11

10

0

43



voor pensioenaanspraken

2011-04-14

Netspar Panel

6

5

12

11

2

36

2011-04-15

Het nieuwe pensioencontract

23

10

7

3

0

43

2011-05-26

Netspar Debat

19

6

3

11

0

39

2011-06-29

Junior pension day

5

1

20

0

0

26

2011-07-04

Toezicht op zachte reele 41 6

14

0 102

Information on all Netspar’s events of 2011 can be found online www.netspar.nl/events

pensioenaanspraken 41 2011-09-02

Multi-pillar pension schemes and



macroeconomic performance

4

10

6

2

1

23

2011-09-23

Werkgroep EU pensions

5

3

3

2

1

14

2011-09-27

Werkgroep nieuw pensioencontract 5

5

5

1

0

16

2011-10-07

Pensions, savings and retirement



decisions II

4

7

15

0

5

31

2011-10-12

Onderneming en pensioen

20

39

10

23

1

93

2011-10-15

Human capital and aging

0

0

10

0

4

14

2011-10-20

Nieuwe pensioenakkoord

11

3

0

35

0

49

2011-11-04

Financial fitness en pensioenen

16

3

3

0

1

23

2011-11-09

Werkgroep EU pensioenen – 2

10

2

3

0

0

15

2011-16-16

Balance sheet management

2

3

18

0

1

24

2011-11-21

EIOPA Frankfurt

4

1

1

0

10

16

42

Other participants Participants from Total

Participants from

43

appendix g

Publications Journal ranking based on the list of TiSEM / CentER, as

Bago D’Uva, Teresa, Maarten Lindeboom,

Gaudecker, Hans-Martin von, Arthur van Soest and

Mastrobuoni, Giovanni

Rooij, Maarten van, Annamaria Lusardi and Rob Alessie

Binswanger, Johannes

published online www.tilburguniversity.edu/research/

Owen O’Donnell and Eddy van Doorslaer

Erik Wengstrüm

The role of information for retirement behavior: Evidence

Financial literacy and stock market participation

Dynamic decision making with feasability goals:

institutes-and-research-groups/center/research/

Education-related inequity in health care with

Heterogeneity in risky choice behavior in a broad

based on the social security statement

Journal of Financial Economics, 101(2), 449-472, August 2011

A procedural-rationality approach

publications/top-journals/

heterogeneous reporting of health

population

Journal of Public Economics, 95(7-8),913-925, August 2011

Theme: Financial literacy

Journal of Economic Behavior and Organization, 78(3),

Journal of the Royal Statistical Society A, 174(3), 639-664,

American Economic Review, 101(2), 664-694, April 2011

July 2011

Theme: Pensions, savings and retirement decisions II

top journal

Murat, Usta, and Gerald Häubl

Trautmann, Stefan, Ferdinand Vieider and Peter Wakker

Self-regulatory strength and consumers’ relinquishment

Preference reversals for ambiguity aversion

Bucciol, Alessandro

Inkmann, Joachim, Paula Lopes and

of decision control: When less effortful decisions are more

Management Science, 57(7), 1320-1333, July 2011

A note on social security welfare with self-control

Alexander Michaelides

resource depleting

Theme: Economics and psychology of life cycle decision

problems

making - subproject 1

Macroeconomic Dynamics, 15(4), 579-594, September 2011

Theme: Health and income, work and care across the life cycle II - subproject 2

Almeida Camacho, Nuno, Bas Donkers and

219-228, May 2011

Stefan Stremersch

Chen, An, Antoon Pelsser and Michel Vellekoop

How deep is the annuity market participation puzzle?

Journal of Marketing Research, 48(2), 403-412, April 2011

Predictability non-bayesian: Quantifying salience effects

Modeling non-monotone risk aversion using SAHARA

Review of Financial Studies, 24(1), 279-319, January 2011

Theme: Supporting consumer pension decision-making

in physician learning about drug quality

utility functions

Theme: Reconciling short term risks

online

Marketing Science, 30(2), 305-320, March-April 2011

Journal of Economic Theory, 146(5), 2075-2092,

Theme: Supporting consumer pension decision-making

September 2011

Jong, Frank de, Dion Bongaerts and Joost Driessen

Murray, Kyle, and Gerald Häubl

online

Theme: Balance sheet management

Derivative pricing with liquidity risk: Theory and evidence

Freedom of choice, ease of use, and the formation of

Beetsma, Roel, Lans Bovenberg and Ward Romp

Review of Economics and Statistics, 93(4), 1235-1250,

from the credit default swap market

interface preferences

Funded pensions and intergenerational and international

November 2011

Angelini, Viola, Danilo Cavapozzi and Omar Paccagnella

Cherchye, Laurens, Bram de Rock and Frederic Vermeulen

Journal of Finance, 66(1), 203-240, February 2011

MIS Quarterly, 35(4), 955-976, December 2011

risk sharing in general equilibrium

Theme: Macroeconomics of pension reform - subproject 3

Dynamics of reporting work disability in Europe

The revealed preference approach to collective consump-

Theme: Balance sheet management

Theme: Supporting consumer pension decision-making

Journal of International Money and Finance, 30(7),

Journal of the Royal Statistical Society A, 174(3), 621-638,

tion behavior: Testing and sharing rule recovery

online

1516-1534, November 2011

Christelis, Dimitris, Dimitris Georgarakos and

July 2011

Review of Economic Studies, 78(1), 176-198, january 2011

Kettle, Keri, and Gerald Häubl

Theme: Multi-pillar pension schemes and macroeconomic

Michael Haliassos

Theme: Pensions, savings and retirement decisions II

Theme: Pensions, savings and retirement decisions II

The signature effect: signing influences consumption-

Renault, Eric, and Bas Werker

performance

Stockholding: Participation, location, and spillovers

related behavior by priming self-identity

Causality effects in return volatility measures with random

Journal of Consumer Research, 38(3), 474-489, October 2011

times

Theme: Supporting consumer pension decision-making

Journal of Econometrics, 160(1), 272-279, January 2011

Coe, Norma, and Gema Zamarro

online

Theme: Private retirement provision

Retirement effects on health in Europe

Theme: Macroeconomics of pension reform - subproject 2

very good journal

Bucciol, Alessandro, and Raffaele Miniaci Household portfolios and implicit risk preference

Journal of Banking and Finance, 35(8), 1918-1930, August 2011

Journal of Health Economics, 30(1), 77-86, January 2011

44

45

appendix g - Publications

other journal or medium

Erreygers, Guido, and Tom van Ourti

García-Gómez, Pilar

Khwaja, Ahmed, Gabriel Picone, Martin Salm and

Michael Hurd, Maarten van Rooij and Joachim Winter

Measuring socioeconomic inequality in health, health

Institutions, health shocks and labour market outcomes

Justin Trogdon

Stock market expectations of Dutch households

care and health financing by means of rank-dependent

across Europe

A comparison of treatment effects estimators using a

Journal of Applied Econometrics, 26(3), 416-436, April/May

Alessie, Rob, Maarten van Rooij and Annamaria Lusardi

personal and national histories

indices: A recipe for good practice

Journal of Health Economics, 30(1), 200-213, January 2011

structural model of AMI treatment choices and severity of

2011

Financial literacy and retirement preparation in the

In: Börsch-Supan, A, Brandt, M, Hank, K, and Schröder,

Journal of Health Economics, 30(4), 685-694, July 2011

Theme: Health and income, work and care across the life

illness information from hospital charts

Theme: Financial literacy

Netherlands

M (eds), The Individual and the Welfare State.

Theme: Health and income, work and care across the life

cycle II - subproject 1

Journal of Applied Econometrics, 26(5), 825-853, August

cycle II - subproject 2

2011 Georgarakos, Dimitris, and Giacomo Pasini

Angelini, Viola, Agar Brugiavini and Guglielmo Weber Homeownership in old age at the crossroad between

Journal of Pension Economics and Finance, 10(4), 527-546,

Life Histories in Europe, 81-92, Heidelberg: Springer, 2011

Ourti, Tom van, and Philip Clarke

October 2011

Theme: Pensions, savings and retirement decisions II

A simple correction to remove the bias of the Gini

Theme: Financial literacy

Ewijk, Reyn van

Trust, sociability and stock market participation

Leuven, Edwin, Hessel Oosterbeek, Joep Sonnemans and

coefficient due to income grouping

Long-term health effects on the next generation of

Review of Finance, 15(4), 693-725, October 2011

Bas van der Klaauw

Review of Economics and Statistics, 93(3), 982-994,

Almenberg, Johan, and Jenny Säve-Söderbergh

Nest leaving in Europe

ramadan fasting during pregnancy

Theme: Pensions, savings and retirement decisions II

Incentives versus sorting in tournaments: Evidence from a

August 2011

Financial literacy and retirement planning in Sweden

In: Börsch-Supan, A, Brandt, M, Hank, K, and Schröder,

Journal of Health Economics, 30(6), 1246-1260,

Angelini, Viola, Anne Laferrère and Giacomo Pasini

field experiment

Theme: Health and income, work and care across the life

Journal of Pension Economics and Finance, 10(4),

M (eds), The Individual and the Welfare State.

December 2011

Jong, Philip de, Maarten Lindeboom and

Journal of Labor Economics, 29(3), 106-129, July 2011

cycle II - subproject 2

585-598, October 2011

Life Histories in Europe, 67-80, Heidelberg: Springer, 2011

Theme: Health and income, work and care across the life

Bas van der Klaauw

Theme: Health and income, work and care across the life

Theme: Financial literacy

Theme: Pensions, savings and retirement decisions II

cycle II - subproject 2

Screening disability insurance applications

cycle II - subproject 1

Serra Garcia, Marta, Eric van Damme and Jan Potters Hiding an inconvenient truth: Lies and vagueness

Angelini, Viola, Agar Brugiavini and Guglielmo Weber

Atkinson, Adele, and Flore-Anne Messy

Galema, Rients, Robert Lensink and Laura Spierdijk

106-129, February 2011

Meijer, Claudine de, Marc Koopmanschap,

Games and Economic Behavior, 73(1), 244-261, September 2011

Does downsizing of housing equity alleviate financial

Assessing financial literacy in 12 countries:

International diversification and microfinance

Theme: Health and income, work and care across the life

Teresa Bago D’Uva and Eddy van Doorslaer

Theme: Economics and psychology of life cycle decision

distress in old age?

An OECD/INFE international pilot exercise

Journal of International Money and Finance, 30(3),

cycle II - subproject 1

Determinants of long-term care spending: Age, time to

making

In: Börsch-Supan, A, Brandt, M, Hank, K, and Schröder,

Journal of Pension Economics and Finance, 10(4),

Journal of the European Economic Association, 9(1),

M (eds), The Individual and the Welfare State.

657-666, October 2011

Theme: Influence of market imperfections on recovery

Kalayci, Kenan, and Jan Potters

Journal of Health Economics, 30(2), 425-438, March 2011

Würth, Andreas, and Hans Schumacher

Life Histories in Europe, 93-101, Heidelberg: Springer, 2011

Theme: Financial literacy

strategies - subproject 5

Buyer confusion and market prices

Theme: Rising life expectancy

Risk aversion for nonsmooth utility functions

Theme: Pensions, savings and retirement decisions II

507-515, April 2011

death or disability?

International Journal of Industrial Organization, 29(1),

Journal of Mathematical Economics, 47(2), 109-128, March 2011

14-22, January 2011

Theme: Reconciling short term risks

Theme: Economics and psychology of life cycle decision making

46

47

appendix g - Publications

Bago D’Uva, Teresa, Maarten Lindeboom,

Beetsma, Roel, and Alessandro Bucciol

Bikker, Jaap

Bovenberg, Lans, and Raymond Gradus

Brun, Wibecke, Gideon Keren, Geir Kirkebøen and

Casado, David, Pilar Garcia-Gomez and

Owen O’Donnell and Eddy van Doorslaer

Differentiating indexation in Dutch pension funds

Mean reversion in aandelenprijzen en kapitaalmarktrente

Sociale vlaktaks als sluitstuk boxensystematiek

Henry Montgomery

Ángel López Nicolás

Slipping anchor? Testing the vignettes approach to

The Economist, 159(3), 323-360, September 2011

Pensioen Bestuur & Management, 2, 41-43

Economisch Statistische Berichten, 96(4608), 230-233,

Perspectives on thinking, judging, and decision making

Informal care and labour force participation among

identification and correction of reporting heterogeneity

Theme: Multi-pillar pension schemes and macroeconomic

Theme: Influence of market imperfections on recovery

April 2011

Oslo: Universitetsforlaget

middle-aged women in Spain

Journal of Human Resources, 46(4), 875-906, Fall 2011

performance

strategies - subproject 3



Theme: Economics and psychology of life cycle decision

SERIEs: Journal of the Spanish Economic Association, 2(1),

Brugiavini, Agar, Giacomo Pasini and Elisabetta Trevisan

making

1-29, March 2011

Beetsma, Roel, Zina Lekniute and Eduard Ponds

Bloemen, Hans

Maternity and labour market outcome: Short and long

Theme: Health and income, work and care across the life cycle II - subproject 1

Theme: Health and income, work and care across the life

Gevolgen van het pensioenakkoord voor de staatsschuld

The effect of private wealth on the retirement rate:

term effects

Bucciol, Alessandro and Roel Beetsma

Bauer, Rob, and Jeroen Derwall

Economisch Statistische Berichten, 96(4625S), 47-53,

An empirical analysis

In: Börsch-Supan, A, Brandt, M, Hank, K, and Schröder,

Consequences for welfare and pension buffers under

Values-driven and profit-seeking dimensions of environ-

December 2011

Economica, 78(312), 637-655, October 2011

M (eds), The Individual and the Welfare State.

alternative methods of discounting future pensions

Coe, Norma, Meghan S. Skira and Courtney van Houtven

mentally responsible investing

Theme: Reconciling short term risks

Theme: Pensions, savings and retirement decisions II

Life Histories in Europe, 151-159, Heidelberg: Springer, 2011

Journal of Pension Economics and Finance, 10(3), 389-415,

Do couples self-insure? The effect of informal care on a

Theme: Pensions, savings and retirement decisions II

July 2011

couple’s joint labor supply

Handbook on Business and the Natural Environment,

Bekaert, Geert, Campbell Harvey and Christian Lundblad

Bloemen, Hans, Stefan Hochguertel and

Theme: Multi-pillar pension schemes and macroeconomic

Center for Retirement Research, Working paper 2011-16,

Oxford: Oxford University Press, November 2011

Financial openness and productivity

Marloes Lammers

Brugiavini, Agar, Mario Padula, Giacomo Pasini and

performance

October 2011

Theme: Balance sheet management

World Development, 39(1), 1-19, 2011

Consequenties van de sollicitatieplicht voor ouderen

Franco Peracchi

Theme: Portfolio strategies - subproject 1

Economisch Statistische Berichten, 96(4607), 214-217,

Labour mobility and retirement

Bucher-Koenen, Tabea, and Annamaria Lusardi

Coe, Norma, Richard Kopcke and Alicia Munnell

April 2011

In: Börsch-Supan, A, Brandt, M, Hank, K, and Schröder,

Financial literacy and retirement planning in Germany

How does the personal income tax affect the progressivity

Theme: Pensions, savings and retirement decisions II

M (eds), The Individual and the Welfare State.

Journal of Pension Economics and Finance, 10(4),

of OASI benefits?

Life Histories in Europe, 125-135, Heidelberg: Springer, 2011

565-584, October 2011

Center for Retirement Research, Working Paper 2011-21,

Theme: Pensions, savings and retirement decisions II

Theme: Financial literacy

November 2011

In: Bansal, P, and Hoffmann, A (eds), The Oxford

Bauer, Rob, Piet Eichholtz, Nils Kok and John Quigley

cycle II - subproject 2

How green is your property portfolio? The global real

Berg, Gerard van den, Gabriele Doblehammer and

estate sustainability benchmark

Kaare Christensen

Rotman International Journal of Pension Management,

Being born under adverse economic conditions leads to

Boonen, Lieke, Bas Donkers and Frederik Schut

4(1), 34-43, April 2011

higher cardiovascular mortality later in life- evidence

Chanelling consumers to preferred providers and the

Theme: Balance sheet management

based on individuals born at different stages of the

impact of status-quo bias: Does type of provide matter?

Carman, Katherine and Ilaria Mosca

Crossan, Diana, David Feslier and Roger Hurnard

business cycle

Health Services Research, 46(2), 510-530, April 2011

Evaluatie van de leeftijdsgrensverlaging voor de griepprik

Financial literacy and retirement planning in New Zealand

Demography, 48(2), 507-530, May 2011

Theme: Supporting consumer pension decision-making

Economisch Statistische Berichten, 96(4613), 411-412, 2011

Journal of Pension Economics and Finance, 10(4), 619-636,

Theme: Health and income, work and care across the life

online

Theme: Health and income, work and care across the life

October 2011

cycle II

Theme: Financial literacy

cycle II - subproject 2

48



49

appendix g - Publications

Cui, Jiajia, Frank de Jong and Eduard Ponds

Doorslaer, Eddy van, and Tom van Ourti

Ewijk, Casper van, and Coen Teulings

Ewijk, Casper van, Roel Mehlkopf, Jan Bonenkamp,

Formero, Elsa, and Chiara Monticone

Günster, Nadja, Jeroen Derwall, Rob Bauer and

Intergenerational risk sharing within funded pension

Chapter 35: Measuring inequality and inequity in health

Nieuw pensioencontract onvermijdelijk

Harry ter Rele and Ed Westerhout

Financial literacy and pension plan participation in Italy

Kees Koedijk

schemes

and health care

CPB Policy Brief, January 2011

Risicoverdeling bij hervorming van het aanvullend

Journal of Pension Economics and Finance, 10(4),

The economic value of corporate eco-efficiency

Journal of Pension Economics and Finance, 10(1), 1-29,

In Smith, P. and Glied, S.(Eds.), The Oxford Handbook of

Theme: Multi-pillar pension schemes and macroeconomic

pensioen

547-564, October 2011

European Financial Management, 17(4), 679-704,

January 2011

Health Economics, Oxford University Press, March 2011

performance

CPB Notitie, March 2011

Theme: Financial literacy

September 2011

Theme: Reconciling short term risks

Theme: Health and income, work and care across the life

Theme: Multi-pillar pension schemes and macroeconomic Ewijk, Casper van, and Lans Bovenberg

cycle II - subproject 2 Dalton, Patricio, and Sayantan Ghosal

performance

Theme: Balance sheet management García- Gómez, Pilar, Hans-Martin von Gaudecker and Maarten Lindeboom

Haastrecht, Alexander van, and Antoon Pelsser

Behavioral decisions and policy

Erreygers, Guido, and Tom van Ourti

CPB Policy Brief, July 2011

Ewijk, Reyn van

Health, disability and work: Patterns for the working age

Accounting for stochastic interest rates, stochastic

CESifo Economic Studies, 57(4), 560-580, December 2011

Putting the cart before the horse. A reply to Wagstaff

Theme: Multi-pillar pension schemes and macroeconomic

Lagere verwachtingen van allochtone leerlingen bij zelfde

population

volatility and a general dependency structure in the

Theme: Economics and psychology of life cycle decision

on inequality measurement in the presence of binary

performance

prestaties

International Tax and Public Finance, 18(2), 146-165,

valuation of forward starting Options

making - subproject 1

variables

Private pensions for Europe

Economisch Statistische Berichten, 96(4608), 249-252,

April 2011

Journal of Futures Markets, 31(2), 103-125, February 2011

Health Economics, 20(10), 1161-1165, October 2011

Ewijk, Casper van, and Lans Bovenberg

April 2011

Theme: Health and income, work and care across the life

Theme: Balance sheet management

Danielsson, Jon, Frank de Jong, Roger Laeven,

Theme: Health and income, work and care across the life

Private pensions for Europe

Theme: Health and income, work and care across the life

cycle II - subproject 1

Christian Laux, Enrico Perotti and Mario Wüthrich

cycle II - subproject 2

Vox EU, November 2011

cycle II - subproject 2

A prudential regulatory issue at the heart of Solvency II

Goovaerts, Marc, Rob Kaas and Roger Laeven

Generic Pricing of F/X, inflation and stock options under

Ewijk, Reyn van

Worst case risk measurement: Back to the future

stochastic interest rates and stochastic volatility

Theme: Multi-pillar pension schemes and macroeconomic

Vox EU, March 2011

Euwals, Rob, Marike Knoef and Daniel van Vuuren

Theme: Reconciling short term risks

The trend in female labour force participation. What can

performance

Haastrecht, Alexander van, and Antoon Pelsser

Same work, lower grade? Student ethniticy and teachers’

Insurance: Mathematics and Economics, 49(3), 380-392,

Quantitative Finance, 11(5), 665-691, May 2011

be expected for the future?

Ewijk, Casper van, Leon Bettendorf, A. van der Horst,

subjective assessments

November 2011

Theme: Balance sheet management

Dias da Silva, António, and Bas van der Klaauw

Empirical Economics, 40(3), 729-753, May 2011

Nick Draper, Ruud de Mooij and Harry ter Rele

Economics of Education Review, 30(5), 1045-1058,

Theme: Reconciling short term risks

Wage dynamics and promotions inside and between

Theme: Pensions, savings and retirement decisions II

Ageing and the conflict of interest between generations

October 2011

firms

The Economist, 159(3), 257-278, September 2011

Theme: Health and income, work and care across the life

Gradus, Raymond, and Evert-Jan van Asselt

Policies to create and destroy human capital in Europe

Journal of Population Eonomics, 24(4), 1513-1548, 2011

Theme: Multi-pillar pension schemes and macroeconomic

cycle II - subproject 1

De langdurige zorg vergeleken in Nederland en Duitsland

In: Sinn, H-W. & Phelps, E. (Eds.), Perspectives on the

Theme: Health and income, work and care across the life

performance

Economisch Statistische Berichten, 96(4607), 202-204,

Performance of the Continent’s Economies, 253-323,

April 2011

Cambridge-MA: MIT-Press, 2011

cycle II - subproject 1

Heckman, James, and Bas Jacobs



50

51

appendix g - Publications

Hullegie, Patrick, and Tobias Klein

Kapteyn, Arie, James Smith and Pierre-Carl Michaud

Klaauw, Bas van der

Klijs, Bart, Johan Mackenbach and Anton Kunst

Köhler, Clemens, Els Breugelmans and Benedict Dellaert

Laeven, Roger

The effect of private health insurance on doctor visits,

Temporary and permanent unit non-response in follow

Prestatiebeloning

Obesity, smoking, alcohol consumption and years lived

Consumer acceptance of recommendations by interactive

Liquidity premium in Sovency II

hospital nights and self-assessed health: Evidence from

up interviews of the health and retirement study

Economisch Statistische Berichten, 96(4608), 239, April 2011

with disability: A Sullivan life table approach

decision aids: The joint role of temporal distance and

De Actuaris, 36-37, May 2011

the German socio-economic Panel

Longitudinal and Life Course Studies, 2(2), 145-169, 2011

Theme: Health and income, work and care across the life

BMC Public Health, 11(378), 1-7, May 2011

concrete versus abstract communications

Theme: Reconciling short term risks

Schmollers Jahrbuch, 131(2), 395-407, 2011

Theme: Pensions, savings and retirement decisions II

cycle II - subproject 2

Theme: Rising life expectancy

Journal of Management Information Systems, 27(4),

Kemna, Angelien, Eduard Ponds and Onno Steenbeek

Klaauw, Bas van der

Klijs, Bart, Wilma Nusselder, Caspar Looman and

Hullegie, Patrick, and Tobias Klein

Pension funds in the Netherlands

Gezond doorwerken

Johan Mackenbach

The effects of private health insurance in Germany:

Journal of Investment Consulting, 12(2), 26-32, Winter 2011

Economisch Statistische Berichten, 96(4603), 79, February 2011

Contribution of chronic disease to the burden of disability

Kooreman, Peter, and Jan Potters

Health Policy, 101(2), 162-171, July 2011

Evidence from the Socio-Economic Panel

Theme: Reconciling short term risks

Theme: Health and income, work and care across the life

PLoS One, 6(9), 1-8, September 2011

De gouden standaard: Veldexperimenten in de

Theme: Health and income, work and care across the life

cycle II - subproject 2

Theme: Rising life expectancy

voorbereiding en evaluatie van beleid

cycle II - subproject 1

Langer leren om langer te leven

Klapper, Leora, and Georgios Panos

Knoef, Marike, and Peter Kooreman

Theme: Economics and psychology of life cycle decision

Lusardi, Annamaria, and Olivia Mitchell

Kapteyn, Arie, and Federica Teppa

Economisch Statistische Berichten, 96(4617), 512-514,

Financial literacy and retirement planning:

Informele zorg en de interacties tussen broers en zussen

making

Financial literacy and retirement planning in the United

Subjective measures of risk aversion, fixed costs, and

September 2011

The Russian case

Economisch Statistische Berichten, 96(4620), 602-605,

portfolio choice

Theme: Health and income, work and care across the life

Journal of Pension Economics and Finance, 10(4),

October 2011

Kusumastuti, Diana, Els Hannes, Benoîte Depaire,

Journal of Pension Economics and Finance, 10(4),

Journal of Economic Psychology, 32(4), 564-580, August

cycle II

599-618, October 2011

Theme: Pensions, savings and retirement decisions II

Koen Vanhoof, Davy Janssens, Geert Wets and

509-526, October 2011

Benedict Dellaert

Theme: Financial literacy

Theme: Pensions, savings and retirement decisions II

Schmollers Jahrbuch, Journal of Applied Social Science Studies, 131(2), 395-407, 2011

Kippersluis, Hans van, and Eddy van Doorslaer

2011

231-260, Spring 2011

Lambrelli, Dimitra, and Owen O’Donnell

Theme: Supporting consumer pension decision-making online

The impotence of price controls: Failed attempts to constrain pharmaceutical expenditures in Greece

TPEdigitaal, 5(3), 76-90, October 2011

Theme: Financial literacy Kippersluis, Hans van, Owen O’Donnell and

States

Knoef, Marike, Hendri Adriaens and Jan Nelissen

An interactive computer-based interface to support the

Kapteyn, Arie, James Smith and Arthur van Soest

Eddy van Doorslaer

Klijs, Bart, Johan Mackenbach and Anton Kunst

Vitaliteitsregeling zal vooral gebruikt worden voor

discovery of individuals’ mental representations and

Lusardi, Annamaria, and Olivia Mitchell

Work disability, work, and justification bias in Europe

Long run returns to education: Does schooling lead to an

Future disability projections could be improved by

deeltijdpensioen

preferences in decisions problems: An application to travel

Financial literacy around the world: An overview

and the U.S.

extended old age?

connecting to the theory of a dynamic equilibrium

Me Judice, November 2011

behavior

Journal of Pension Economics and Finance, 10(4),

In: Wise, D. (ed), Explorations in the Economics of Aging,

Journal of Human Resources, 46(4), 695-721, Fall 2011

Journal of Clinical Epidemiology, 64(4), 436-443, April 2011

Theme: Pensions, savings and retirement decisions II

Computers in Human Behavior, 27(2), 997-1011, March 2011

497-508, October 2011

269-312, Chicago: The University of Chicago Press, May 2011

Theme: Health and income, work and care across the life

Theme: Rising life expectancy

Theme: Supporting consumer pension decision-making

Theme: Financial literacy

Theme: Pensions, savings and retirement decisions II

cycle II - subproject 2

online

52

53

appendix g - Publications

Lusardi, Annamaria, Daniel Schneider and Peter Tufano

Majer, Istvan, Wilma Nusselder, Johan Mackenbach and

Michaud, Pierre-Carl, and Frederic Vermeulen

Ponds, Eduard

Ree, Joppe de, and Rob Alessie

Roorda, Berend, and Hans Schumacher

Financially fragile households: Evidence and implications

Anton Kunst

A collective labor supply model with complementarities in

Pensioenakkoord en generatieeffecten

Life satisfaction and age: Dealing with

The strictest common relaxation of a family of risk

In David H. Romer and Justin Wolfers (eds), Brookings

Life expectancy and life expectancy with disability of

leisure: Identification and estimation by means of panel

Economisch Statistische Berichten, 96(4617), 506-509,

underidentification in age-period-cohort models

measures

Papers on Economic Activity, Spring issue 2011

normal weight, overweight, and obese smokers and

data

September 2011

Social Science and Medicine 73(1), 177-182, July 2011

Insurance: Mathematics and Economics 48(1), 29-34,

Theme: Financial literacy

nonsmokers in Europe

Labour Economics, 18(2), 159-167, April 2011

Theme: Reconciling short term risks

Theme: Pensions, savings and retirement decisions II

January 2011

Obesity (Silver Spring), 19(7), 1451-1459, July 2011

Theme: Pensions, savings and retirement decisions II Post, Thomas, Katja Hanewald and Helmut Gründl

Rooij, Maarten van, Annamaria Lusardi and Rob Alessie

Maatman, Rene, Rob Bauer, Danny Busch and

Theme: Rising life expectancy

Leonard Verburg

Theme: Reconciling short term risks

Moschetti, Karine, Karine Lamiraud, Owen O’Donnell and

Stochastic mortality, macroeconomic risks, and life insurer

Financial literacy and retirement planning in the

Salm, Martin

Onderneming en pensioen

Majer, Istvan, Wilma Nusselder, Johan Mackenbach and

Alberto Holly

solvency

Netherlands

The effect of pensions on longevity: evidence from Union

Serie Onderneming en Recht, deel 64, Deventer:

Anton Kunst

Does poor childhood health explain increased health care

The Geneva Papers on Risk and Insurance - Issues and

Journal of Economic Psychology, 32(4), 593-608, August 2011

Army veterans

Kluwer Publishers, July 2011

Socioeconomic inequalities in life and health expectancies

utilisation and payments in middle and old age?

Practice, 36(3), 458-475, 2011

Theme: Financial literacy

The Economic Journal, 121(552), 595-619, May 2011

Theme: Balance sheet management

around retirement age in 10 Western-European countries

In: Börsch-Supan, A, Brandt, M, Hank, K, and Schröder,

Theme: Balance sheet management

Journal of Epidemiology and Community Health, 65(11),

A (eds), The Individual and the Welfare State.

Prast, Henriëtte

Rooij, Maarten van, Henriëtte Prast and Anouk Smits

Majer, Istvan, Johan Mackenbach, Bart Klijs and

972-979, November 2011

Life Histories in Europe, 255-267, Heidelberg: Springer, 2011

Geld

Gedragsreacties van deelnemers op nieuwe contracten

Sekita, Shizuka

Pieter van Baal

Theme: Rising life expectancy

Theme: Health and income, work and care across the life

Schnabel en Teulings (eds), De Gammacanon,

Economisch Statistische Berichten, 96(4625S), 60-65,

Financial literacy and retirement planning in Japan

cycle II - subproject 1 and 2

Wat iedereen moet weten over de menswetenschappen,

December 2011

Journal of Pension Economics and Finance, 10(4),

Meulenhoff, February 2011

Theme: Economics and psychology of life cycle decision

637-656, October 2011

making

Theme: Financial literacy

Mortality risk associated with disability: A population-based record linkage study

Mastrogiacomo, Mauro, and Nicole Bosch

American Journal of Public Health, 101(12), 9-15,

Tax credits, labour participation and home production in

Pelsser, Antoon

Theme: Economics and psychology of life cycle decision

December 2011

the Netherlands

Modelonzekerheid en waardering

making

Theme: Rising life expectancy

Applied Economics, 43(23), 3115-3128, September 2011

TPEdigitaal, 5(2), 118-134, 2011 Theme: Balance sheet management

Theme: Reconciling short term risks

Rooij, Maarten van, Rob Alessie and Annamaria Lusardi

Soest, Arthur van, and Arie Kapteyn

Prast, Henriëtte

Pensioenakkoord vereist financieel inzicht

Mode and context effects in measuring household assets

Wie zwijgt stemt toe

Economisch Statistische Berichten, 96(4616), 480-482,

In: Das, J.W.M., Ester, P, and Kaczmirek, L. (eds),

ABP Wegwijzer, 40, October 2011

August 2011

Social and Behavioral Research and the Internet:

Theme: Economics and psychology of life cycle decision

Theme: Pensions, savings and retirement decisions II

Advances in Applied Methods and New Research

making

Strategies, 291-323, 2011 Theme: Pensions, savings and retirement decisions II

54

55

appendix g - Publications

Soest, Arthur van, Liam Delaney, Colm Harmon,

Westerhout, Ed

Arie Kapteyn and James Smith

Pensioenfondsen in een volatiele wereld

Validating the use of anchoring vignettes for the correc-

Tijdschrift voor pensioenvraagstukken, 6, 6-15,

tion of response scale differences in subjective questions

January 2011

Journal of the Royal Statistical Society Series A, 174(3),

Theme: Multi-pillar pension schemes and macroeconomic

575-595, July 2011

performance

Theme: Pensions, savings and retirement decisions II Vonkova, Hana and Patrick Hullegie Is the anchoring vignette method sensitive to the domain and choice of the vignette Journal of the Royal Statistical Society Series A, 174(3), 597-620, July 2011 Walter, Stefan, et al A genome-wide association study of aging Neurobiology of Aging, 32(11), 15-28, November 2011 Theme: Rising life expectancy Westerhout, Ed Intergenerationele risicodeling via pensioenfondsen PensioenMagazine, 16(8/9), 18-22, September 2011 Theme: Multi-pillar pension schemes and macroeconomic performance

56

57

appendix h

Discussion Papers Adema, Yvonne, Jan Bonenkamp and Lex Meijdam

Almenberg, Johan, and Jenny Säve-Söderberg

Ang, Andrew, and Francis Longstaff

Baele, Lieven, Geert Bekaert, Seonghoon Cho,

Bekaert, Geert, Marie Hoerova and Marco Lo Duca

Bergemann, Annette, Erik Grönqvist and Soffia

Retirement flexibility and portfolio choice

Financial literacy and retirement planning in Sweden

Systemic sovereign credit risk: Lessons from the U.S. and

Koen Inghelbrecht and Antonio Moreno

Risk, uncertainty and monetary policy

Gudbjörnsdottir

DP 06/2011-060

DP 01/2011-018

Europe

Macroeconomic regimes

DP 05/2011-102

The effects of job displacement on the onset and

Theme: Multi-pillar pension schemes and macroeconomic

Theme: Financial literacy

DP 04/2011-067

DP 05/2011-071

Theme: Portfolio strategies

progression of diabetes

Theme: Portfolio strategies

Theme: Portfolio strategies

performance Almond, Douglas, Bhashkar Mazumder and

DP 03/2011-025 Bekaert, Geert, Michael Ehrmann, Marcel Fratzscher and

Alessie, Rob, Maarten van Rooij and Annamaria Lusardi

Reyn van Ewijk

Ang, Andrew, and Knut Kjaer

Beetsma, Roel, Ward Romp and Siert Vos

Arnaud Mehl

Bikker, Jaap, Thijs Knaap and Ward Romp

Financial literacy, retirement preparation and pension

Fasting during pregnancy and children’s academic

Investing for the long run

Voluntary participation and intergenerational risk sharing

Global crises and equity market contagion

Real pension rights as a control mechanism for pension

expectations in the Netherlands

performance

DP 11/2011-104

in a funded pension system

DP 05/2011-070

fund solvency

DP 01/2011-021

DP 12/2011-113

Theme: Portfolio strategies

DP 03/2011-024

Theme: Portfolio strategies

DP 08/2011-073

Theme: Financial literacy

Theme: Health and income, work and care across the life

Theme: Multi-pillar pension schemes and macroeconomic Ang, Andrew, and Maxim Ulrich

cycle II - subproject 2 Alessie, Rob, Viola Angelini and Giacomo Pasini

performance

Nominal bonds, real bonds, and equity

Theme: Multi-pillar pension schemes and macroeconomic Belloni, Michele, and Carlo Maccheroni

performance and Influence of market

Actuarial fairness when longevity increases: An evaluation

imperfections on recovery strategies

Is it true love? Altruism versus exchange in time and

Ang, Andrew, and Allan Timmermann

DP 12/2011-103

Bekaert, Geert, Campbell Harvey, Christian Lundblad

of the Italian pension system

money transfers

Regime changes and financial markets

Theme: Portfolio strategies

and Stephan Siegel

DP 11/2011-092

Bloemen, Hans, Stefan Hochguertel and Marloes Lammers

DP 02/2011-012

DP 06/2011-068

The European Union, the Euro, and equity market

Theme: Pensions, savings and retirement decisions II

Job search requirements for older unemployed:

Theme: Pensions, savings and retirement decisions II

Theme: Portfolio strategies

Alessie, Rob, Viola Angelini and Peter van Santen

Ang, Andrew, and Dennis Kristensen

Pension wealth and household saving in Europe: Evidence

Testing conditional factor models

Theme: Portfolio strategies

from SHARELIFE

DP 01/2011-030

DP 10/2011-088

Theme: Portfolio strategies

Theme: Pensions, savings and retirement decisions II

Ang, Andrew, Marie Brière and Ombretta Signori

integration

Inflation and individual equities

DP 03/2011-032

Benning, Tim, Els Breugelmans and Benedict Dellaert

benefits

DP 04/2011-069

Theme: Portfolio strategies

Consumers’ evaluation of allocation policies for scarce

DP 01/2011-002

health care services: Vested interest activation trumps

Theme: Pensions, savings and retirement decisions II

Transitions to employment, early retirement and disability

Bekaert, Geert, Campbell Harvey, Christian Lundblad

spatial and temporal distance

Atkinson, Adele, and Flore-Anne Messy

and Stephan Siegel

DP 11/2011-106

Bodie, Zvi, and Henriette Prast

Assessing financial literacy in 12 countries. An OECD pilot

What segments equity markets?

Theme: Supporting consumer pension decision-making

Rational pensions for irrational people: Behavioral

exercise

DP 02/2011-031

online

science lessons for the Netherlands

DP 01/2011-014

Theme: Portfolio strategies

DP 09/2011-076

Theme: Financial literacy

58

59

appendix h - Discussion Papers

Bogaard, Levi van den, Kène Henkens and

Brown, Jeffrey, and Theo Nijman

Cettolin, Elena, and Arno Riedl

Cremer, Helmuth, and Philippe De Donder

Damman, Marleen, Kène Henkens and Matthijs Kalmijn

Draper, Nick, Ed Westerhout and André Nibbelink

Matthijs Kalmijn

Opportunities for improving pension wealth decumulation

Partial coercion, conditional cooperation, and self-­

Longevity, annuities and the political support for public

Do older workers develop a short-timer’s attitude prior to

Defined benefit pension schemes: A welfare analysis of

So now what? Effects of retirement on social activities and

in the Netherlands

commitment in voluntary contributions to public goods

pensions

retirement? Evidence from a panel study

risk sharing and labour market distortions

relationships with friends and family

DP 01/2011-008

DP 08/2011-108

DP 05/2011-063

DP 12/2011-095

DP 04/2011-039



Theme: Multi-pillar pension schemes and macroeconomic

Crossan, Diana, David Feslier and Roger Hurnard

Daysal, Meltem

performance

Financial literacy and retirement planning in New Zealand

Does uninsurance affect the health outcomes of the

Chai, Jingjing, Raimond Maurer, Olivia Mitchell and

DP 01/2011-015

insured? Evidence from heart attack patients in California

Erdogan-Ciftci, Esen, Eddy van Doorslaer and

Ralph Rogalla

Theme: Financial literacy

DP 05/2011-111

Angel López-Nicolás

Theme: Health and income, work and care across the life

Does declining health affect the responsiveness of

cycle II - subproject 2

retirement decisions to financial incentives?

DP 12/2011-107

Theme: Economics and psychology of life cycle decision Bucciol, Alessandro, and Raffaele Miniaci

Borella, Margherita, Flavia Coda Moscarola and

Household portfolios and risk taking over age and time

Mariacristina Rossi

DP 04/2011-037

(Un)expected retirement and the consumption puzzle

making - subproject 2

DP 10/2011-116

Bucher-Koenen, Tabea, and Annamaria Lusardi

Lifecycle impacts of the financial and economic crisis on

Theme: Financial literacy

Financial literacy and retirement planning in Germany

household optimal consumption, portfolio choice, and

Dahlquist, Magnus, José Vicente Martinez and

DP 01/2011-020

labor supply

Paul Söderlind

Theme: Financial literacy

DP 06/2011-051

Individual investor activity and performance

Daysal, Meltem, and Chiara Orsini

Theme: Health and income, work and care across the life

DP 10/2011-091

The miracle drug: Hormone replacement therapy and

cycle II - subproject 1

DP 09/2011-080

Bütler, Monika, Kim Peijnenburg and Stefan Staubli

Chen, An, Antoon Pelsser and Michel Vellekoop

Theme: Multi-pillar pension schemes and macroeconomic

How much do means-tested benefits reduce the demand

Modeling non-monotone risk aversion using SAHARA

Dalton, Patricio, and Sayantan Ghosal

DP 11/2011-112

Erreygers, Guido, and Tom van Ourti

performance

for annuities?

utility functions

Behavioral decisions and welfare

Theme: Health and income, work and care across the life

Measuring socioeconomic inequality in health, health

DP 06/2011-052

DP 05/2011-047

DP 12/2011-097

cycle II - subproject 1

care and health financing by means of rak-dependent

Theme: Balance sheet management

Theme: Economics and psychology of life cycle decision

Bovenberg, Lans, and Casper van Ewijk Designing the pension system: Conceptual framework

Bovenberg, Lans, and Casper van Ewijk

DP 01/2011-005

labor market behavior of middle-aged women

The future of multi-pillar pension systems

Cannon, Edmund, and Ian Tonks

DP 09/2011-079

The value and risk of defined contribution pension

Cocco, Joao, and Gomes Francisco

Theme: Multi-pillar pension schemes and macroeconomic

schemes: International evidence

Longevity risk, retirement savings, and financial

performance

DP 09/2011-077

innovation DP 03/2011-061

DP 09/2011-098

indices: A recipe for good practice Dimmock, Stephen, Roy Kouwenberg and Peter Wakker

DP 04/2011-029

Ambiguity attitudes and portfolio choice: Evidence from a

Theme: Health and income, work and care across the life

Dalton, Patricio, Sayantan Ghosal and Anandi Mani

large representative survey

cycle II - subproject 2

Poverty and aspirations failure

DP 06/2011-054

making

Theme: Economics and psychology of life cycle decision making

60

61

appendix h - Discussion Papers

Erreygers, Guido, Philip Clarke and Tom van Ourti

Fedotenkov, Igor, and Lex Meijdam

Fornero, Elsa, and Chiara Monticone

García-Gómez, Pilar, Sergi Jiménez-Martín and

Groneck, Max, Alexander Ludwig and Alexander Zimper

Hoevenaars, Roy, Roderick Molenaar, Peter Schotman

“Mirror, mirror, on the wall, who in this land is fairest

Crisis and pension system design in the EU:

Financial literacy and pension plan participation in Italy

Judit Vall Castelló

A life-cycle consumption model with ambiguous survival

and Tom Steenkamp

of all?” Distributional sensitivity in the measurement of

Intergenerational redistribution and international

DP 01/2011-019

Health, disability and pathways into retirement in Spain

beliefs

Strategic asset allocation for long-term investors:

socioeconomic inequality of health

spillover effects via factor mobility

Theme: Financial literacy

DP 05/2011-042

DP 10/2011-044

Parameter uncertainty and prior information

DP 08/2011-074

DP 09/2011-090

Theme: Health and income, work and care across the life

Theme: Multi-pillar pension schemes and macroeconomic

Fornero, Elsa, Chiara Monticone and Serena Trucchi

cycle II - subproject 2

performance

The effect of financial literacy on mortgage choices

Euwals, Rob, and Elisabetta Trevisan

Fehr, Hans, Manuel Kallweit and Fabian Kindermann

Early retirement and financial incentives:

Should pensions be progressive? Yes, at least in Germany!

Differences between high and low wage earners

DP 02/2011-010

Theme: Health and income, work and care across the life Haan, Peter, and Victoria Prowse

Theme: Balance sheet management

Longevity, life-cycle behavior and pension reform

DP 09/2011-085

Gaudecker, Hans-Martin von

Theme: Financial literacy

How does household portfolio diversification vary with

Fornero, Elsa, Maria Cristina Rossi and

Hoffmann, Arvid, Thomas Post and Joost Pennings

DP 04/2011-036

How severe was the impact of the financial crisis on

financial sophistication and advice?

Heijden, Eline van der, Tobias Klein, Wieland Müller and

individual investor perceptions and behavior?

DP 03/2011-026

Jan Potters

DP 10/2011-087

Nudges and impatience: Evidence from a large scale

Theme: Balance sheet management

Maria Cesira Urzì Brancati

DP 12/2011-105 Theme: Pensions, savings and retirement decisions II

cycle II - subproject 1

DP 04/2011-038

Flores, Manuel, and Adriaan Kalwij

Explaining why, right or wrong, (Italian) households do

Goorbergh, Rob van den, Roderick Molenaar,

experiment

The associations between early life circumstances and

not like reverse mortgages

Onno Steenbeek and Peter Vlaar

DP 09/2011-081

Hoffmann, Arvid, Thomas Post and Joost Pennings

Euwals, Rob, Annemiek van Vuren and

later life health and employment in the Netherlands and

DP 09/2011-086

Risk models with jumps and time-varying second

Theme: Economics and psychology of life cycle decision

Individual investors and the financial crisis: How percep-

Daniel van Vuuren

Spain

Theme: Financial literacy

moments

making

tions change, drive behavior, and impact performance

The decline of early retirement pathways in the

DP 04/2011-040

Netherlands: An empirical analysis for the health care

Theme: Pensions, savings and retirement decisions II

DP 03/2011-034

sector

García-Gómez, Pilar, Hans van Kippersluis,

DP 07/2011-041 Henkens, Kène, and Hendrik van Dalen

Owen O’Donnell and Eddy van Doorslaer

Gorter, Janko, and Jaap Bikker

The employer’s perspective on retirement DP 05/2011-053

Theme: Balance sheet management

DP 06/2011-057

Fornero, Elsa, Agnese Romiti and Mariacristina Rossi

Effects of health on own and spousal employment and

Investment risk taking by institutional investors

Theme: Pensions, savings and retirement decisions II

Does home ownership crowd out investment in children’s

income using acute hospital admissions

DP 05/2011-048

human capital?

DP 10/2011-084

Theme: Influence of market imperfections on recovery

Hinz, Richard

the welfare state in OECD countries

DP 11/2011-115

Theme: Health and income, work and care across the life

strategies

The World Bank’s pension policy framework and the

DP 01/2011-003

Theme: Financial literacy

cycle II - subproject 1

Dutch pension system: A paradigm for the multi-pillar

Theme: Multi-pillar pension schemes and macroeconomic

design?

performance

Hollanders, David, and Ferry Koster The graying of the median voter: Aging and the politics of

DP 05/2011-043

62

63

appendix h - Discussion Papers

Kalayci, Kenan

Knoef, Marike, and Peter Kooreman

Lusardi, Annamaria, and Olivia Mitchell

Majo, Maria Cristina, and Arthur van Soest

Minderhoud, Ingmar, Roderick Molenaar and

Noussair, Charles, Stefan Trautmann and

Price complexity and buyer confusion in markets

The effects of cooperation; A structural model of siblings’

Financial literacy around the world: An overview

Income and health care utilization among the 50+ in

Eduard Ponds

Gijs van de Kuilen

DP 10/2011-082

caregiving interactions

DP 02/2011-023

Europe and the US

The impact of human capital on life-cycle portfolio

Higher order risk attitudes, demographics, and financial

Theme: Economics and psychology of life cycle decision

DP 05/2011-046

Theme: Financial literacy

DP 06/2011-065

choice: Evidence for the Netherlands

decisions

making

Theme: Pensions, savings and retirement decisions II

Theme: Pensions, savings and retirement decisions II

DP 10/2011-006

DP 04/2011-117

Theme: Reconciling short term risks

Theme: Economics and psychology of life cycle decision

Kantarci, Tunga, Ingrid Smeets and Arthur van Soest

Korteweg, Arthur, and Morten Sorensen

Financial literacy and retirement planning in the United

Mastrobuoni, Giovanni, and Filippo Taddei

Implications of full and partial retirement for replacement

Risk and return characteristics of venture capital-backed

States

Age before beauty? Productivity and work vs. seniority

Molenaar, Roderick, and Eduard Ponds

rates in a defined benefit system

entrepreneurial companies

DP 02/2011-022

and early retirement

Risk sharing and individual lifecycle investing in funded

Ponds, Eduard, and Zina Lekniute

DP 05/2011-045

DP 01/2011-033

Theme: Financial literacy

DP 05/2011-062

collective pensions

Pensioenakkoord en effecten voor generaties

Theme: Pensions, savings and retirement decisions II

Theme: Portfolio strategies

DP 01/2011-001

DP 08/2011-066

Lusardi, Annamaria, Daniel Schneider and Peter Tufano

Mastrogiacomo, Mauro, and Rob Alessie

Theme: Reconciling short term risks

Theme: Reconciling short term risks

Karpinska, Kasia, Kène Henkens and Joop Schippers

Lazazzara, Alessandra, Kasia Karpinska and Kène Henkens

Financially fragile households: Evidence and implications

Did you really save so little for your retirement?

Impact of age norms and stereotypes on managers’

What factors influence training opportunities for older

DP 03/2011-013

An analysis of retirement savings and unconventional

Molenaar, Roderick, Kim Peijnenburg and Eduard Ponds

Ponds, Eduard, Clara Severinson and Juan Yermo

hiring decisions of retirees

workers? Three factorial surveys exploring the attitudes of

Theme: Financial literacy

retirement accounts

Should I stay or should I go? Break even funding ratios for

Funding in public sector pension plans:

DP 05/2011-049

HR professionals

DP 12/2011-094

DB pension plan participants

International evidence

Theme: Pensions, savings and retirement decisions II

DP 04/2011-027

DP 05/2011-064

Lusardi, Annamaria, and Olivia Mitchell

Majer, Istvan

DP 10/2011-083 Kindermann, Fabian

Modeling and forecasting health expectancy:

making

Theme: Reconciling short term risks

Pension funding and human capital

Lefebvre, Mathieu, Pierre Pestieau, Arno Riedl and

Theoretical framework and application

Mierau, Jochen, and Stephen Turnovsky

Puig-Junoy, Jaume, Pilar García-Gómez and

DP 02/2011-056

Marie Claire Villeval

DP 01/2011-009

Fertility and mortality in a neoclassical growth model

Muysken, Joan, Frank Cörvers and Thomas Ziesemer

David Casado-Marín

Tax evasion, welfare fraud, and “the broken windows”

Theme: Rising life expectancy

DP 01/2011-004

Immigration can alleviate the ageing problem

Free medicines thanks to retirement: Moral hazard and

Klapper, Leora, and Georgios Panos

effect: An experiment in Belgium, France and The

DP 07/2011-058

hospitalization offsets in an NHS

Financial literacy and retirement planning in view of a

Netherlands

Theme: Human capital and aging

DP 07/2011-055

growing youth demographic: The Russian case

DP 02/2011-110

Theme: Health and income, work and care across the life

DP 01/2011-017

Theme: Economics and psychology of life cycle decision

cycle II - subproject 2

Theme: Financial literacy

making - subproject 2

64

65

appendix h - Discussion Papers

Riedl, Arno

Santen, Peter van, Rob Alessie and Adriaan Kalwij

Stadje, Mitja, and Antoon Pelsser

Tsekouras, Dimitrios, Benedict Dellaert and Ting Li

Experimental economics: Economic and game theoretic

Probabilistic survey questions and incorrect answers:

Time-consistent and market-consistent evaluations

Content learning on websites:

principles in experimental research in the social sciences

Retirement income replacement rates

DP 05/2011-078

The effects of information personalization

DP 12/2011-109

DP 02/2011-011

Theme: Balance sheet management

DP 09/2011-100

Theme: Economics and psychology of life cycle decision

Theme: Pensions, savings and retirement decisions II

Theme: Supporting consumer pension decision-making Stancanelli, Elena, and Arthur van Soest

making - subproject 2

online

Schie, Ron van, Bas Donkers and Benedict Dellaert

Retirement and home production:

Romiti, Agnese, and Mariacristina Rossi

Savings adequacy uncertainty: Driver or obstacle to

A regression discontinuity approach

Vuuren, Daniel van

Should we retire earlier in order to look after our parents?

increase pension contributions

DP 12/2011-096

Flexible retirement

The role of immigrants

DP 11/2011-099

DP 11/2011-114

Theme: Supporting consumer pension decision-making

Teppa, Federica

Theme: Financial literacy

online

Can the longevity risk alleviate the annuitization puzzle?

Westerhout, Ed

Empirical evidence from Dutch data

Intergenerational risk sharing in time-consistent funded

DP 09/2011-075

pension schemes

DP 04/2011-007

Rooij, Maarten van, Annamaria Lusardi and Rob Alessie

Sekita, Shizuka

Financial literacy, retirement planning, and household

Financial literacy and retirement planning in Japan

wealth

DP 01/2011-016

Timmermans, Sjoerd, Hans Schumacher and

Theme: Multi-pillar pension schemes and macroeconomic

DP 08/2011-072

Theme: Financial literacy

Eduard Ponds

performance

Theme: Financial literacy

DP 03/2011-028

A cohort-specific collar approach to retirement security Spierdijk, Laura, and Zaghum Umar

DP 06/2011-059

Zandberg, Eelco

Sandhya, Vallapuzha

Stocks, bonds, T-bills and inflation hedging

Theme: Reconciling short term risks

The life-cycle hypothesis and differential replacement

Agency problems in target-date funds

DP 11/2011-089

DP 03/2011-035

Theme: Influence of market imperfections on recovery

Trautmann, Stefan, and Gijs van de Kuilen

DP 12/2011-101

strategies

Belief elicitation: A horse race among truth serums

Theme: Influence of market imperfections on recovery

DP 11/2011-118

strategies

rates

Theme: Economics and psychology of life cycle decision making

66

67

appendix i

Theses bsc theses

Kronenberg, Christoph

Beurskens, Tim

Graaf, Marc de

Keko, Elio

Liu, Donna

Do health shocks have an effect on individual portfolio

The increase of online information: Does it help the

The elderly home equity puzzle:

The influence of social connectedness on hyperbolic

The effects of the interactive decision aids on consumers’

Beek, Lisette van

choice after controlling for risk behavior?

consumer make the right decision?

The demand for mortgage debt

discounting

buying decisions

The effect of the unemployment benefit systems on the

BSc Thesis 2011-052

MSc Thesis 2011-027

MSc Thesis 2011-005

MSc Thesis 2011-024

MSc Thesis 2011-023

motivation to re-enter the labor market

Theme: Health and income, work and care across the life

Theme: Supporting consumer pension decision-making

Theme: Pensions, savings and retirement decisions II

Theme: Supporting consumer pension decision-making online

Theme: Supporting consumer pension decision-making

BSc Thesis 2011-031

cycle II

online Grupp, Helen

Kolodziej, Ingo

Theme: Economics and psychology of life cycle decision

online

Patmalniece, Madara

Boxtel, Jurgen van

Financial determints of lifestyle

The relationship between retirement and mental health.

Mandelíková, Martina

Toward understanding of educational aspirations and

The effects of compensationon the quality of financial

MSc Thesis 2011-062

Investigating the causal relationship in eleven European

Adolescents alcohol consumption: Identification of

Charette, Sarah

expectations

advice: The case of the closing provision

Theme: Health and income, work and care across the life

countries using SHARE

determinants of probability to drink with special focus on

The relationship between well-being and legislation

BSc Thesis 2011-033

MSc Thesis 2011-034

cycle II

MSc Thesis 2011-060

social interaction

during economic transition: A study of Cuba

Theme: Economics and psychology of life cycle decision

Theme: Balance sheet management

Theme: Health and income, work and care across the life

MSc Thesis 2011-061

BSc Thesis 2011-032

making

cycle II

Theme: Health and income, work and care across the life

making

Hernández García, Carlos Andrés

Theme: Economics and psychology of life cycle decision

Bui, Lien

Intra and intergenerational transfers: The case of the

making

Mean reversion in international stock prices indices:

Netherlands for the first pillar of pensions

Langenhoff, Wouter

An error-correction approach

MSc Thesis 2011-056

Employee absenteeism: Construction of a model for

Mocking, Remco

MSc Thesis 2011-021

Theme: Multi-pillar pension schemes and macroeconomic

international comparison of influential determinants

Supplier induced demand in the Dutch hospital sector

performance

MSc Thesis 2011-011

MSc Thesis 2011-045

Theme: Health and income, work and care across the life

Theme: Pensions, savings and retirement decisions II

msc theses Dalderop, Jeroen Introducing market conditions in conic finance

Andersone, Liva

Theme: Influence of market imperfections on recovery

BSc Thesis 2011-053

The impact of education on health behaviours:

strategies

Theme: Reconciling short term risks

Smoking, drinking and exercise. Evidence from the UK

Houwen, Sophie

cycle II

cycle II

MSc Thesis 2011-063

Exterkate, Anneke

Are pension funds too important to fail? Or too big to

Hup, Mark

Theme: Health and income, work and care across the life

Comparing health measures through a model for health

save?

Lekniute, Zina

How to share the pain of the pension crisis?

Life annuities as a resource of public finance in Holland,

cycle II

care use

MSc Thesis 2011-057

A value-based approach to pension plan redesign in the

MSc Thesis 2011-044

1648-1713. Demand- or supply-driven

MSc Thesis 2011-058

Theme: Multi-pillar pension schemes and macroeconomic

Netherlands. Who will gain and who will lose?

Theme: Reconciling short term risks

BSc Thesis 2011-038

Theme: Health and income, work and care across the life

performance

MSc Thesis 2011-035

cycle II

68

Nissen, Rens

Theme: Balance sheet management

69

appendix i - Theses

Peeters, Rob

Renner, Anna-Theresa

When recommendation agents influence decisions: The power of recommendation sets

research master theses

Niu, Geng

Schuurman, Jasper

Westra, Martijn

Socioeconomic status and risky health behaviours.

Job characteristics, health and satisfaction. Can satisfac-

Modeling expert opinions on operational risk in pension

Explaining the health gradient

tion with social life overcome negative job traits?

funds

Bilsen, Servaas van

and financial risk: A VAR approach

MSc Thesis 2011-026

MSc Thesis 2011-064

MSc Thesis 2011-012

MSc Thesis 2011-020

Measuring systemic risk: A Markov switching regression

RM Thesis 2011-050

Theme: Supporting consumer pension decision-making

Theme: Health and income, work and care across the life

Theme: Health and income, work and care across the life

Theme: Influence of market imperfections on recovery

approach

Theme: Reconciling short term risks

online

cycle II

cycle II

strategies

RM Thesis 2011-051

Integrating longevity risk, macroeconomic fluctuations,

Theme: Reconciling short term risks

Pan, Siqi

Pei, Di

Rietjens, Manja

Smits, Anouk

Xia, Ting

Gender difference of pension benefits in urban China

Young people’s preferences for financial versus

Diminishing the pension gap: From insight to action

Factors influencing annuity demands. An empirical study

Kabátek, Jan

unfunded pension systems: An experimental study

MSc Thesis 2011-049

non-financial attributes of pension funds

MSc Thesis 2011-037

based on the Netherlands

A structural model of female labour supply in the context

RM Thesis 2011-004

Theme: Reconciling short term risks

MSc Thesis 2011-054

Theme: Economics and psychology of life cycle decision

MSc Thesis 2011-043

of childcare and unobserved heterogeneity

Theme: Economics and psychology of life cycle decision

making

Theme: Economics and psychology of life cycle decision

RM Thesis 2011-028

making

Pinzón Fonseca, Daniel Andrés

Rippe, Guy

making

Theme: Pensions, savings and retirement decisions II

The relationship between health and employment.

A new approach to retrieve the implicit risk preferences

Verbaal, Guido

Empirical study for USA

of the board of trustees of a pension fund: An ALM based

The preference indicator. An online tool for closing the

Yuen, Po Yee

Kutlu, Vesile

The wear and tear of health: Does manual work matter

MSc Thesis 2011-059

pilot study

pension expectation gap

The effects of the different configurations of online

Essays on subjective well-being and retirement behavior

for health at an older age?

Theme: Health and income, work and care across the life

MSc Thesis 2011-003

MSc Thesis 2011-039

recommendation agents on consumers’ buying decisions

RM Thesis 2011-014

RM Thesis 2011-055

Theme: Economics and psychology of life cycle decision

MSc Thesis 2011-025

Theme: Pensions, savings and retirement decisions II

Theme: Health and income, work and care across the life

making

Theme: Supporting consumer pension decision-making

cycle II Rodriguez, Camilo

Intragenerational risk sharing and redistribution under

Ravesteijn, Bastian

cycle II

Pollmann, Daniel

Mimicking a real deferred annuity or how I learned to

Risk preferences and occupational sorting: Combining

stop worrying and love DC

Vink, Denise

The effect of background mood and pre-existing risk on

Xu, Zhaoren

survey and top-coded administrative wage data

MSc Thesis 2011-048

The effect of the past- and future self and past- and

risk and time preference

An experimental study of stochastic decision making

MSc Thesis 2011-036

Theme: Reconciling short term risks

future awareness on intertemporal decision making

RM Thesis 2011-042

RM Thesis 2011-046

MSc Thesis 2011-022

Theme: Economics and psychology of life cycle decision

Theme: Pensions, savings and retirement decisions II

Theme: Supporting consumer pension decision-making

making

Theme: Human capital and aging

online

Lukoseviciute, Rasa

online

70

71

appendix i - Theses

dissertations

Kalayci, Kenan

Mierau, Jochen

Plat, Richard

Essays in behavioral industrial organization

Annuities, public policy and demographic change in

Essays on valuation and risk management for insurers

Diris, Bart

PhD Thesis 2011-040

overlapping generations models

PhD Thesis 2011-001

Strategic asset allocation. The effect of uncertainty on

Theme: Economics and psychology of life cycle decision

PhD Thesis 2011-016

Theme: Balance sheet management

portfolio choice

making Monticone, Chiara

Sanders, Lisanne

Knoef, Marike

Financial literacy and financial advice: Theory and

Annuity market imperfections

PhD Thesis 2011-006 Theme: Balance sheet management

Essays on labor force participation, aging, income and

empirical evidence

PhD Thesis 2011-018

Galama, Titus

health

PhD Thesis 2011-007

Theme: Reconciling short term risks

A theory of socioeconomic disparities in health

PhD Thesis 2011-013

Theme: Financial literacy

PhD Thesis 2011-029

Theme: Pensions, savings and retirement decisions II

Serra-Garcia, Marta Nies, Kathrin

Communication, lending relationships and collateral

Majo, Maria Cristina

Individuals’ paths to retirement

PhD Thesis 2011-041

Galema, Rients Jan

A microeconometric analysis of health care utilization in

PhD Thesis 2011-008

Theme: Economics and psychology of life cycle decision

Microfinance as a socially responsible investment

Europe

Theme: Private retirement provision

making

PhD Thesis 2011-019

PhD Thesis 2011-030

Theme: Influence of market imperfections on recovery

Theme: Pensions, savings and retirement decisions II

Osterrieder, Daniela Maria

Stevens, Ralph

Theme: Pensions, savings and retirement decisions II

strategies

Persistent risk factors in financial markets

Longevity risk in life insurance products

Mehlkopf, Roel

PhD Thesis 2011-047

PhD Thesis 2011-002

Hann, Daniel

Risk sharing with the unborn

Theme: Balance sheet management

Theme: Living longer in good health - subproject 5

Stakeholder theory in finance. On the financial relevance

PhD Thesis 2011-017

of nonfinancial stakeholders

Theme: Balance sheet management

Peijnenburg, Kim

Vonkova, Hana

PhD Thesis 2011-015

Consumption, savings, and investments over the life cycle

The use of subjective survey data: Anchoring vignettes

Theme: Balance sheet management

PhD Thesis 2011-010

and stated preference methods

Theme: Balance sheet management

PhD Thesis 2011-009 Theme: Pensions, savings and retirement decisions II

72

73

appendix j

appendix k

Panel Papers

NEA Papers

Cannon, Edmund, and Ian Tonks

Boender, Guus, Bas Bosma and Lans Bovenberg

Kooreman, Peter, and Jan Potters

Annuity markets: Welfare, money’s worth and policy

Het gebruik van ALM-modellen

De gouden standaard bij beleidsvoorbereiding.

implications

NEA Paper 43 - July 2011

Veldexperimenten in onderzoek van Netspar

Panel Paper 24 - June 2011

NEA Paper 38 - March 2011 Bonenkamp, Jan, Lex Meijdam, Eduard Ponds and

Theme: Economics and psychology of life cycle decision

Jong, Frank de, and Frans de Roon

Ed Westerhout

making

Illiquidity: Implications for investors and pension funds

Het pensioenfonds van de toekomst: Risicodeling en

Panel Paper 23 - May 2011

keuzevrijheid

Pikaart, Martin, and Gert Bos

Theme: Balance sheet management

NEA Paper 44 - August 2011

Duurzame pensioenen from scratch

Theme: Multi-pillar pension schemes and macroeconomic

NEA Paper 41 - May 2011

Pelsser, Antoon

performance

Pricing in incomplete markets Panel Paper 25 - June 2011

Bovenberg, Lans, Wouter Koelewijn and Niels Kortleve

Theme: Balance sheet management

Naar een dynamische toekomstvoorziening NEA Paper 40 - May 2011 Crom, Sylvain de, Anne de Kreuk, Ronald van Dijk, Michel Vellekoop and Niels Vermeijden Marktoplossingen voor langlevenrisico NEA Paper 42 - May 2011 Theme: Reconciling short term risks Dellaert, Benedict, and Marc Turlings Risicoprofielmeting voor beleggingspensioenen NEA Paper 39 - April 2011 Theme: Supporting consumer pension decision-making online

74

75

appendix l

appendix m

Design Papers

Occasional Papers

Bovenberg, Lans, and Casper van Ewijk

Nijman, Theo, and Lans Bovenberg

Bovenberg, Lans, and Theo Nijman

Naar een nieuw pensioencontract: Over het failliet van het

Bouwstenen voor nieuwe pensioencontracten en

Marktconsistente waardering voor zachte contracten,

nominale pensioencontract en bouwstenen voor een reëel

uitdagingen voor het toezicht daarop

September 2011

contract

Design Paper 3 - August 2011

Design Paper 1 - July 2011

Brink, Ton van den, Hans van Meerten and Sybe de Vries

Theme: Multi-pillar pension schemes and macroeconomic

Regulating pensions: Why the European Union matters,

performan

December 2011

Brink, Ton van den, Hans van Meerten and Sybe de Vries Regulating pensions: Why the European Union matters Design Paper 5 - December 2011 De Waegenaere, Anja, Alexander Paulis and Job Stigter Langlevenrisico in collectieve pensioencontracten Design Paper 2 - August 2011 Theme: Reconciling short term risks Kortleve, Niels, Wilfried Mulder and Antoon Pelsser European supervision of pension funds: Purpose, scope and design Design Paper 4 - October 2011 Theme: Balance sheet management

76

77

appendix n

appendix o

MSc EFA Master: Courses and Teachers

Netspar – UM SBE Academy Courses

Introduction to Economics and Finance of Aging

Investment Analysis of Aging and Pensions 2

Risicomanagement van pensioenuitkeringen en het

• Lans Bovenberg (TiU)

• Paul Sengmüller (TiU)

nieuwe pensioencontract

• Roel Mehlkopf (TiU)

• Antoon Pelsser (UM)

April 20 & 21, 2011

• Sweder van Wijnbergen (UvA)

• Bertrand Melenberg (TiU)

26 participants

Investment Analysis of Aging and Pensions 1

Topics in Economics and Finance of Aging

De rol van derivaten bij het risicomanagement van

• Frank de Jong (TiU)

• Asset Liability Mangement

pensioenvoorzieningen

• Actuarial Science – Life Insurance

September 21 & 22, 2011

Microeconomics of Lifecycle Behaviour

• Derivatives and Strategic Risk Management

25 participants

• Rob Alessie (RUG)

• General Equilibrium Models

• Hans Bloemen (VU A)

• Retirement and taxation

Pensioenbestuur en Pensioenakkoord (for pension fund board members)

• Jan Potters (TiU) • Peter Broer (CPB)

November 16, 2011

Macroeconomics of Pensions and Aging

• Gerry Dietvorst (TiU)

34 participants

• Lex Meijdam (TiU)

• Sergiy Gerasymchuk (Ortec)

• Eduard Ponds (TiU)

• Steven Hooghwerff (Ortec) • Bert Kramer (Ortec)

Quantitative Research in Pension and Retirement

• Anne de Kreuk (Cardano)

Economics

• Roger Laeven (TiU)

• Hans Blanc (TiU)

• Dennis van der Pluijm (Ortec)

• Martin Salm (TiU)

• Joeri Potters (Cardano) • Peter Schonewille (TiU)

Psychology of Economic Behaviour • Henriette Prast (TiU)

Health Economics of Aging

• Marcel Zeelenberg (TiU)

• Katherine Carman (TiU)

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79

appendix p

appendix q

Prizes and Grants

List of Abbreviations

nwo

netspar thesis awards

other

VENI Grant

Best BSc Thesis

European Finance Association

Health and work, which policies work?

Mark Hup (UU)

Applicant: Pilar García-Gómez (EUR)

Life annuities as a resource of public finance in Holland:

Grant amount: 250,000 Euros

1648-1713. Demand- or supply-driven?

CBS

Centraal Bureau voor de Statistiek (Statistics Netherlands)

OCW

Ministerie van Onderwijs, Cultuur en Wetenschappen

CPB

Centraal Plan Bureau



(Ministry of Education, Culture and Science



(CPB Netherlands Bureau for Economic Policy Analysis)

PhD

Doctor of Philosophy

An Asset Pricing Approach to Liquidity Effects in Corporate

DNB

De Nederlandsche Bank (Dutch Central Bank)

PIL

Pension Innovation Lab

Bond Markets

EFA

Economics and Finance of Aging

RUG

Rijksuniversiteit Groningen (University of Groningen)

Authors: Frank de Jong and Joost Driessen (both TiU),

Erasmus MC

Erasmus Medisch Centrum (Erasmus Medical Center)

SHARE

Survey of Health, Ageing and Retirement in Europe

and Dion Bongaerts (RSM)

ESF

European Science Foundation

SVB

Sociale Verzekeringsbank (Social Insurance Bank)

Best paper at European Finance Association Conference

EU

European Union

SZW

Ministerie van Sociale Zaken en Werkgelegenheid

EUR

Erasmus University Rotterdam



(Ministry of Social Affairs and Employment) Tilburg School of Economics and Management

Free Competition

Best MSc Thesis

Interaction between benefits programs and the role of

Zina Lekniute (TiU)

active labor market programs

A value-based approach to pension plan redesign in the

EFA best paper award, Commonfund Prize

FSW

Faculteit Sociale Wetenschappen (Faculty of Social Sciences)

TiSEM

Applicant: Bas van der Klaauw (VU A)

Netherlands. Who will gain and who will lose?

Model Uncertainty for Long-Term Investors

FTK

Financieel Toetsingskader (Financial Assessment Framework)

UM/UMaastricht Universiteit Maastricht (Maastricht University)

Author: Bart Diris (UM)

KU Leuven

Katholieke Universiteit Leuven

UM SBE

Maastricht University School of Business and Economics

Best Research Master Thesis

Best paper on Foundation and Endowment Asset

Min EL&I

Ministerie van Economische Zaken, Landbouw en Innovatie

UT/UTwente

Universiteit Twente, University of Twente

Vesile Kutlu (TiU)

Management



(Ministry of Economic Affairs, Agriculture and Innovation)

UU/UUtrecht

Universiteit Utrecht, Utrecht University

MinFin

Ministry of Finance

UvA

Universiteit van Amsterdam, University of Amsterdam

Researcher: Jonneke Bolhaar (VU A) Grant amount: 205,206 Euros Visitor Grant

Essays on subjective well-being and retirement behavior

MSc

Master of Science

UvT/TiU

Universiteit van Tilburg, Tilburg University

perspective.

Best Dissertation

NEA

Netspar Economic Advisors

VU A

Vrije Universiteit Amsterdam, VU University Amsterdam

Visitor: Prof. A.D. Hershey

Bart Diris (UM)

NMa

Nederlandse Mededingingsautoriteit

VvV

Verbond van Verzekeraars

Applicant : Kène Henkens (NIDI)

Strategic asset allocation. The effect of uncertainty on



(Netherlands Competition Authority)

Grant amount: 5,700 Euros

portfolio choice

NN

Nationale Nederlanden

NVAO

Nederlands-Vlaamse Accreditatieorganisatie



(Dutch Accreditation Authority)

NWO

Nederlandse Organisatie voor Wetenschappelijk Onderzoek



(Netherlands Organisation for Scientific Research)

OECD

Organisation for Economic Co-operation and Development

The process of retirement: A dynamic and multi-actor

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Colophon nestpar annual report 2011, accounts and appendices Production and Editing Netspar Center Design B-more design Printing Drukkerij Groels, Tilburg June 2012 www.netspar.nl

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