References of "Lefebvre, Mathieu"
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See detailPublic pension wealth and household asset holdings: new evidence from Belgium
Lefebvre, Mathieu ULiege; Perelman, Sergio ULiege

in Journal of Pension Economics and Finance (2019)

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See detailSpousal and survivor benefits in option value models of retirement: an application to Belgium
Jousten, Alain ULiege; Lefebvre, Mathieu ULiege

in Journal of Pension Economics and Finance (2019)

We study retirement incentives with an augmented reduced form option value model à la Stock and Wise (1990). We propose methodological extensions to better reflect the respective incentives faced by ... [more ▼]

We study retirement incentives with an augmented reduced form option value model à la Stock and Wise (1990). We propose methodological extensions to better reflect the respective incentives faced by singles and couples. Our results show that a more comprehensive modelling of couples’ incentives leads to very different patterns of retirement incentives – particularly for women. We apply the new indicators to data from the Survey of Health, Ageing and retirement in Europe (SHARE) in Belgium and find two key results. First, contrary to several previous studies, we obtain a positive signed income effects. Second, we find very different retirement incentives for men and women, with little flexibility in the retirement decision for men and substantially more flexibility for women as a function of financial incentive and household composition. [less ▲]

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See detailInégalités face à la mort et au risque de dépendance
Lefebvre, Mathieu ULiege; Perelman, Sergio ULiege; Schoenmaeckers, Jérome ULiege

in Revue Française d'Economie (2018), 33(2), 75-111

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See detailThe Welfare State in Europe. Economic and Social Perspectives
Pestieau, Pierre ULiege; Lefebvre, Mathieu ULiege

Book published by Oxford 
University Press (2018)

Although in Europe there continues to be a large degree of consensus that it is the responsibility of government to ensure that nobody who is poor, sick, disabled, unemployed or old is left deprived ... [more ▼]

Although in Europe there continues to be a large degree of consensus that it is the responsibility of government to ensure that nobody who is poor, sick, disabled, unemployed or old is left deprived, there are mounting calls to roll back spending on the welfare state. Two main charges are raised: that it fails to achieve some of its main objectives, and that it is responsible for a decline in economic performance. Another charge is that it was conceived in a period very different from the present one and is not anymore adapted to the current realities. In this book, we intend to provide a balanced and informed analysis of these charges as well as some thoughts regarding the prospects of the welfare state in an increasingly integrated world. Written by two economists whose concern is both equity and efficiency, this book gives a set of answers to a number of important questions regarding the current social situation of European countries, the performance of the welfare states and the reforms that should be undertaken. It shows that the overall performance of the European welfare states as regarding its main objectives is satisfactory. There are differences across countries, with the Nordic countries leading the pack, but these differences seem to decrease. The book finally deals with an issue that is left unresolved and calls for some fundamental changes in social policies, namely the social divide that has been on the rise in Europe over the past decades and that hampers social cohesion. [less ▲]

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See detailSocial Security Incentives in Belgium:An Analysis of Four Decades of Change
Fraikin, Anne-Lore ULiege; Jousten, Alain ULiege; Lefebvre, Mathieu ULiege

E-print/Working paper (2018)

The paper traces labor market reforms over the last four decades. It provides estimates of retirement incentives for a selected set of typical worker profiles across time and socioeconomic groups and ... [more ▼]

The paper traces labor market reforms over the last four decades. It provides estimates of retirement incentives for a selected set of typical worker profiles across time and socioeconomic groups and links these series to the labor market performance in Belgium. The results show that the numerous retirement and social security program reforms have had a marked impact on incentives at the micro level. At the aggregate level, results are less clear-cut given the extreme diversity of programs and features in the Belgian institutional context. [less ▲]

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See detailEffects of gain-loss frames on advantageous inequality aversion
Lefebvre, Mathieu ULiege; bounmy, Kene; Lampach, Nicolas et al

in Journal of the Economic Science Association (2018), 4(2), 99-109

This paper studies individuals’ preference for reducing advantageous inequality in the distribution of gains and losses. Combining the inequality aversion model of Fehr and Schmidt (Q J Econ 114(3 ... [more ▼]

This paper studies individuals’ preference for reducing advantageous inequality in the distribution of gains and losses. Combining the inequality aversion model of Fehr and Schmidt (Q J Econ 114(3):817–868, 1999) with loss aversion à la Kahneman and Tversky (Econom J Econom Soc:263–291, 1979), we predict the relative dislike for advantageous inequality is lower when outcomes are framed as losses than when outcomes are framed as gains. We test this prediction using data from two modified dictator game experiments. Consistent with the model, we find that the amount of payoff that subjects are willing to sacrifice to increase the net payoff of others and reduce advantageous inequality is smaller under a loss frame than under a gain frame. The results also show that women are more inequality averse than men in both gains and losses. [less ▲]

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See detailProductivity and Welfare Performance in the Public Sector
Lefebvre, Mathieu ULiege; Perelman, Sergio ULiege; Pestieau, Pierre ULiege

in Lovell, Knox C. A.; Sickles, Robin C.; Grifell-Tatjé, Emili (Eds.) The Oxford Handbook of Productivity Analysis (2018)

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See detailFGT Old-Age Poverty Measures and the Mortality Paradox: Theory and Evidence
Lefebvre, Mathieu ULiege; Pestieau, Pierre ULiege; ponthiere, grégory

in Review of Income and Wealth (2018), 64(2), 428-458

Income-differentiated mortality, by reducing the share of poor persons in the population, leads to the “Mortality Paradox”: the worse the survival conditions of the poor are, the lower is the measured ... [more ▼]

Income-differentiated mortality, by reducing the share of poor persons in the population, leads to the “Mortality Paradox”: the worse the survival conditions of the poor are, the lower is the measured poverty. We show that FGT measures (Foster et al., 1984) are, in general, not robust to variations in survival conditions. Then, following Kanbur and Mukherjee (2007), we propose to adjust FGT poverty measures by extending the income profiles of the prematurely dead, and we identify the condition under which so-adjusted FGT measures are robust to mortality changes. Finally, we show, on the basis of data from 2007 on old-age poverty in 11 European economies, that the effect of extending income profiles of the prematurely dead on poverty measurement varies with: (1) the fictitious income assigned to the prematurely dead; (2) the degree of poverty aversion; (3) the shape of the (unadjusted) income distribution; and (4) the strength of the income/mortality relationship. [less ▲]

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See detailL'Etat-providence. Défense et illustration
Pestieau, Pierre ULiege; Lefebvre, Mathieu ULiege

Book published by PUF (2017)

L’État-providence n’a jamais été autant décrié qu’aujourd’hui, alors qu’il n’a sans doute jamais été aussi nécessaire. Les critiques qu’il doit essuyer viennent de ceux qui veulent en réduire la voilure ... [more ▼]

L’État-providence n’a jamais été autant décrié qu’aujourd’hui, alors qu’il n’a sans doute jamais été aussi nécessaire. Les critiques qu’il doit essuyer viennent de ceux qui veulent en réduire la voilure comme de ceux qui le trouvent incapable de remplir ses principales missions. Les multiples fractures sociales qui ont conduit une partie de la population à douter des politiques censées la secourir pour finir par basculer dans le vote populiste redonnent toute sa justification à un État-providence plus performant et soucieux de combler le fossé séparant une partie de la population socialement intégrée de celle qui compte les exclus. C’est dans cette perspective que se place cet ouvrage. Il présente d’abord un portrait social des pays européens en mettant l’accent sur la France. Il analyse la performance de leurs États-providence face à des obstacles qui ont pour noms « globalisation » et « individualisme ». Il aborde ensuite les principaux domaines où il peut et doit avoir une action : la santé, l’emploi, la retraite et la famille. Il conclut en proposant un certain nombre de recommandations concrètes. [less ▲]

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See detailFiscal decentralization and the performance of higher education institutions: the case of Europe
Jacqmin, Julien ULiege; Lefebvre, Mathieu ULiege

E-print/Working paper (2017)

This paper empirically evaluates the impact of fiscal decentralization on the performance of higher education systems. To test this relationship,we build up a panel dataset composed of European countries ... [more ▼]

This paper empirically evaluates the impact of fiscal decentralization on the performance of higher education systems. To test this relationship,we build up a panel dataset composed of European countries. Countrylevel performance is measured by an indicator using data from the Shanghai ranking. Using a dynamic panel approach, we find that a higher share of government spending coming from decentralized levels of governmentsleads to an improvement of the performance of research-intensive higher education institutions. This result is confirmed by the use of an instrumental variable approach. We argue that a more decentralized higher education system increases the ability to attract and retain top scholars. [less ▲]

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See detailWork Capacity and Longer Working Lives in Belgium
Jousten, Alain ULiege; Lefebvre, Mathieu ULiege

in Wise, David (Ed.) Social Security Programs and Retirement Around the World: The Capacity to Work at Older Ages (2017)

We explore the link between health indicators and employment rates of the population aged 55 or more. Our focus lies on work capacity as a key determinant of employment. Using cohort mortality information ... [more ▼]

We explore the link between health indicators and employment rates of the population aged 55 or more. Our focus lies on work capacity as a key determinant of employment. Using cohort mortality information as a proxy for overall health outcomes, we establish a substantial untapped work capacity in the population 55+. Similar results are obtained when relying on individual-level objective and subjective health and socioeconomic parameters as predictors. [less ▲]

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See detailOlder men’s labor force participation in Belgium
Jousten, Alain ULiege; Lefebvre, Mathieu ULiege

E-print/Working paper (2016)

We provide an overview of the institutional framework in Belgium that is of relevance for labor market participation and retirement decision at older ages. We then describe key labor market indicators ... [more ▼]

We provide an overview of the institutional framework in Belgium that is of relevance for labor market participation and retirement decision at older ages. We then describe key labor market indicators using data from the Labour Force Survey (LFS) over the period 1983-2013 and also present trends in participation in (early-) retirement routes. Next, we explore how the types of jobs in the country have changed over time, both in terms of their “quality” and the “quantity” of work involved. [less ▲]

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See detailHealth Status, Disability and Retirement Incentives in Belgium
Jousten, Alain ULiege; Perelman, Sergio ULiege; Lefebvre, Mathieu ULiege

in Wise, David (Ed.) Social Security Programs and Retirement around the World: Disability Insurance Programs and Retirement (2016)

Many Belgian retire well before the statutory retirement age. Numerous exit routes from the labor force can be identified: old‐age pensions, conventional early retirement, disability insurance, and ... [more ▼]

Many Belgian retire well before the statutory retirement age. Numerous exit routes from the labor force can be identified: old‐age pensions, conventional early retirement, disability insurance, and unemployment insurance are the most prominent ones. We analyze the retirement decision of Belgian workers adopting an option value framework, and pay special attention to the role of health status. We estimate probit models of retirement using data from SHARE. The results show that health and incentives matter in the decision to exit from the labor market. Based on these results, we simulate the effect of potential reforms on retirement. [less ▲]

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See detailCommon components of risk and uncertainty attitudes across contexts and domains: evidence from 30 countries
Lefebvre, Mathieu ULiege

in Journal of the European Economic Association (2015), 13(3), 421-452

Attitudes towards risk and uncertainty have been indicated to be highly context-dependent, and to be sensitive to the measurement technique employed. We present data collected in controlled experiments ... [more ▼]

Attitudes towards risk and uncertainty have been indicated to be highly context-dependent, and to be sensitive to the measurement technique employed. We present data collected in controlled experiments with 2,939 subjects in 30 countries measuring risk and uncertainty attitudes through incentivized measures as well as survey questions. Our data show clearly that measures correlate not only within decision contexts or measurement methods, but also across contexts and methods. This points to the existence of one underlying “risk preference”, which influences attitudes independently of the measurement method or choice domain. We furthermore find that answers to a general and a financial survey question correlate with incentivized lottery choices in most countries. Incentivized and survey measures also correlate significantly between countries. This opens the possibility to conduct cultural comparisons on risk attitudes using survey instruments [less ▲]

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See detailTax Evasion and Social Information: an Experiment in Belgium, France and The Netherlands
Lefebvre, Mathieu ULiege; Villeval, Marie Claire; Pestieau, Pierre ULiege et al

in International Tax and Public Finance (2015)

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See detailDoes sector-specific experience matter? The case of European higher education ministers
Jacqmin, Julien ULiege; Lefebvre, Mathieu ULiege

E-print/Working paper (2015)

This paper looks at the relationship between higher education ministers and the performance of the sector that they govern. Using an original panel dataset with the characteristics of European higher ... [more ▼]

This paper looks at the relationship between higher education ministers and the performance of the sector that they govern. Using an original panel dataset with the characteristics of European higher education ministers, we find that having a past experience in the sector leads to a higher level of performance, as measured by ranking data. Making a parallel with the literature about the impact of education on the educated, we discuss potential explanations behind the impact of this on-the-job learning experience. As we find that this characteristic has no impact on the spendings of the sector, we argue that this academic experience makes them more prone to introduce adequate reforms that makes the sector more attractive for top-researchers. Furthermore, we find that this result is driven by ministers with both this sector-specific and an electoral experience, the latter measured by a successful election at the regional or national level. This tends to show that political credibility should not be overshadowed by the importance of the sector-specific experience of ministers. [less ▲]

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See detailDoes sector-specific experience matter? The case of European higher education ministers
Lefebvre, Mathieu ULiege; Jacqmin, Julien

E-print/Working paper (2015)

This paper looks at the relationship between higher education ministers and the performance of the sector that they govern. Using an original panel dataset with the characteristics of European higher ... [more ▼]

This paper looks at the relationship between higher education ministers and the performance of the sector that they govern. Using an original panel dataset with the characteristics of European higher education ministers, we find that having a past experience in the sector leads to a higher level of performance, as measured by ranking data. Making a parallel with the literature about the impact of education on the educated, we discuss potential explanations behind the impact of this on-the-job learning experience. As we find that this characteristic has no impact on the spendings of the sector, we argue that this academic experience makes them more prone to introduce adequate reforms. Furthermore, we find that this result is driven by ministers with both this sector-specific and an electoral experience, the latter measured by a succesful election at the regional or national level. This tends to show that political credibility should not be overshadowed by the importance of the sector-specific experience of ministers. [less ▲]

Detailed reference viewed: 37 (3 ULiège)
See detailCommon components of risk and uncertainty attitudes across contexts and domains: evidence from 30 countries
Lefebvre, Mathieu ULiege

Scientific conference (2014, November 20)

Detailed reference viewed: 22 (5 ULiège)
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See detailRisk Taking of Executives under Different Incentive Contracts: Experimental Evidence
Lefebvre, Mathieu ULiege; Vieider, Ferdinand

in Journal of Economic Behavior and Organization (2014), 97

Classic financial agency theory recommends compensation through stock options rather than shares to counteract excessive risk aversion in agents. In a setting where any kind of risk taking is suboptimal ... [more ▼]

Classic financial agency theory recommends compensation through stock options rather than shares to counteract excessive risk aversion in agents. In a setting where any kind of risk taking is suboptimal for shareholders, we show that excessive risk taking may occur for one of two reasons: risk preferences or incentives. Even when compensated through restricted company stock, experimental CEOs take large amounts of excessive risk. This contradicts classical financial theory, but can be explained through risk preferences that are not uniform over the probability and outcome spaces, and in particular, risk seeking for small probability gains and large probability losses. Compensation through options further increases risk taking as expected. We show that this effect is driven mainly by the personal asset position of the experimental CEO, thus having deleterious effects on company performance. [less ▲]

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