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- Aronsson, Thomas, 1963-, et al.
(författare)
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Uncertain length of life, retirement age, and optimal pension design
- 2018
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- In this paper, we consider how the hours of work and retirement age ought to respond to a change in the uncertainty of the length of life. In a first best framework, where a benevolent government exercises perfect control over the individuals' labor supply and retirement-decisions, the results show that a decrease in the standard deviation of life-length leads to an increase in the optimal retirement age and a decrease in the hours of work per period spent working. This result is robust, and is also derived in models of decentralized decision-making where individuals decide on their own consumption, labor supply, and retirement age, and where the government attempts to affect their behavior and welfare through redistribution and pension policy.
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| 3. |
- Aronsson, Thomas, 1963-, et al.
(författare)
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Uncertain length of life, retirement age, and pension design
- 2024
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Ingår i: Finanzarchiv. - : Mohr Siebeck. - 0015-2218 .- 1614-0974. ; 80:1, s. 111-128
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Tidskriftsartikel (refereegranskat)abstract
- In this paper, we consider how the hours of work and retirement age ought to respond to a change in the uncertainty of the length of life. The results show that a decrease in the standard deviation of life-length leads to an increase in the socially optimal retirement age and a decrease in the hours of work per period spent working, if the preferences for the number of years spent in retirement are characterized by constant or decreasing absolute risk version. We also show how a benevolent policy maker can implement the social optimum through an actuarially fair pension policy.
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