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Heterogeneity in consumers’ income and pension expectations*



The expectations of economic agents play a crucial role in almost any inter-temporal economic model. Using 2009–12 panel data for a representative sample of the Dutch population, we analyze consumers’ income and pension expectations. We focus on heterogeneity across socioeconomic groups and associations with how consumers perceive the economic and financial crisis. We find that pension expectations become more pessimistic over the 4 years, in line with pension reforms and the crisis. We find substantial differences across groups that are generally plausible and in line with financial theory.



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We are grateful to the guest editor and a referee for constructive comments that helped to improve the paper. We acknowledge financial support from the Industrielle Alliance Research Chair on the Economics of Demographic Change and from the National Institute of Aging (grant number PO1 AG008291).



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Heterogeneity in consumers’ income and pension expectations*



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