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)
78
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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