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  • Yayın
    An evaluation of the impact of the pension system on income inequality: USA, UK, Netherlands, Italy and Türkiye
    (Springer Science and Business Media B.V., 2024) Verberi, Can; Kaplan, Muhittin; Yönetim Bilimleri Fakültesi, İktisat Bölümü
    This study examines empirically the impact of various characteristics of pension systems, in particular their quality and integrity, on income inequality, utilizing micro-level data from the United States, United Kingdom, Netherlands, Türkiye and Italy. To this end, the income inequality model, which includes public pension (or public/private pension mix), age, education, gender, marital status and employment as independent variables, has been estimated using quantile regression. The results provide a number of valuable information on the impact of the pension system on income inequality: (i) Public pension income significantly reduces overall income inequality across almost all inequality groups in all countries, except for the UK and the Netherlands; (ii) Different types of pension systems vary significantly in their redistributive effects on income; (iii) The empirical results also show that the effect of different pension systems on inequality changes by inequality groups significantly.
  • Küçük Resim
    Yayın
    Exploring the impact of behavioural factors and personality traits on private pension system participation: A machine learning approach
    (İstanbul University Press, 2024) Verberi, Can; Kaplan, Muhittin; Yönetim Bilimleri Fakültesi, İktisat Bölümü
    This study aims to investigate the effects of personality traits, in addition to basic financial literacy, private pension literacy and behavioural factors on Private Pension System (PPS) participation using machine learning algorithms. The PPS participation model was trained using both random forest and LightGBM algorithms, and the contributions of model inputs in the prediction of pension participation were interpreted using the Tree SHAP algorithms with swarmplots. The data employed in the empirical analysis is survey data collected from the Şırnak province of Türkiye with a sample size of 449. The findings of the study shows that: (i) PPS participation is more likely for females and middle-aged people; (ii) High basic financial literacy has a negative impact on PPS participation; (iii) Extraversion is the key personality trait affecting PPS participation; (iv) Advanced pension literacy has more impact on participation than simple pension literacy: (v) Present-fatalistic tendency is key behavioural factor and it negatively affects PPS; (vi) Present-hedonistic, conscientiousness, future-time orientation, and locus of control tendencies increase PPS participation. Furthermore, the distribution of colours in LightGBM has a greater degree of uniformity in both directions compared with the random forest algorithm. Finally, to increase PPS participation, the results of the study suggest the implementation of the following policy measures: Tailored pension literacy programmes can help to increase pension participation rates. Incentives should be created to prevent narrow-minded behaviour and establish a sense of protection and control around PPS, targeting middle-aged individuals and women.