Bounded Rationality of an Individual choice in the Lithuanian Pension System
Journal Title: KultŁ«ra ir visuomenė. SocialiniŁ³ tyrimŁ³ Ł¾urnalas - Year 2012, Vol 3, Issue 2
Abstract
The article evaluates the theme of individual choice in the lithuanian pension system and the limits of its rationality in public discourse. it presents an analysis of theore- tical literature on the rational choice in pension system, examines the ways in which an “individual choice in pension system” argument is used in public discourse and appraises the level of information that the lithuanian population has on the pension system. Qualitative and quantitative methods are used in the article. The empirical data analy- zed in the article consist of 130 publications of the internet portal “Delfi” from Janu- ary 1, 2010, to January 26, 2012, a survey conducted by the market research company “rait” that was commissioned by the lithuanian Social research centre and research material from the Securities commission of the republic of lithuania. The analysis demonstrates that individual choice and personal responsibility are parti- cularly emphasized in the lithuanian public discourse. Personal responsibility for the risks is also stressed. on the other hand, as the academic research attests, an individual choice has bounded rationality, because people are not able to predict all risks, their priorities are often incoherent and their behavior can be marred by inertia and myopia. The research also shows that the bounded rationality of an individual choice in the lithuanian pension system is related to the population’s lack of information on the pension system. only one third of the lithuanian population knows the amount of contribution they or their employers pay to the social insurance system. less than the quarter of the population is aware that their pension from the social insurance system will be lower in the future because of their participation in a funded pension system. most lithuanians calculate pension fund risks incorrectly and only a small part of the population is able to forecast market trends and avoid risks.
Authors and Affiliations
Daiva Skučienė
Keywords
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