for consumption and the hours of time supplied to the labour market, they also choose their schooling level and retirement …

We study the effects of an annuity market imperfection on individual agents’ labour supply and retirement decisions and …

wages, taxes, and the public pension system. The early retirement provision in most pension systems acts as a trap, inducing … most workers to retire well before the normal retirement age. Simulations show that pension reform must be drastic for it …We study the effects of demographic shocks and changes in the pension system on the macroeconomic performance of an …

By using their financial reserves efficiently, pension funds can smooth shocks on asset returns, and can thus … collective pension plan in terms of portfolio management, capital payments to retirees, and dividend payments to shareholders. We … compared to a situation in which each generation would save and invest in isolation for its own retirement. One of the main …

The labor market effects of pension reform stem from retirement behavior and from job search and hours worked of prime … introducing more actuarial fairness in pension assessment. We provide some analytical results and use a computational model to … demonstrate the economic and welfare impact of recent pension reform in Austria. …

This paper investigates how parametric reform in a pay-as-you-go pension system with a tax benefit link affects … retirement and work incentives of prime-age workers. We find that postponed retirement tends to harm incentives of prime … appropriate conditions. We also provide a sharp characterization of the excess burden of pension insurance and show how it depends …

positive probability of passing away before the retirement period. We find non-pathological cases where it is better for long …