Does Mandatory Saving Reduce Voluntary Saving? Evidence from a Pension Reform
利用冰岛私营部门强制养老金缴款大幅增加而公共部门不变的自然实验，研究发现家庭并未因此减少自愿储蓄，且调查显示多数人对养老金制度缺乏了解。
Abstract Recently, mandatory pension contributions in Iceland were increased substantially in the private sector while remaining unchanged in the public sector. Taking this as a large natural experiment, this paper studies the effects of this change on households’ voluntary saving, using comprehensive third-party reported information on income, assets, and debt for all taxpayers. Using difference-in-differences, we find that households do not reduce voluntary saving when faced with a rise in mandatory saving. Our results are supported by an event study of workers switching from the private sector to the public sector. Survey evidence suggests widespread ignorance about the pension system.