We develop a life-cycle model of optimal retirement and savings behavior under complete markets where retirement is … proportionately, while, contrary to conventional views, reducing savings rates. The retirement age is not simply proportional to … retirement) and higher consumption (lower savings) …

, increases in longevity lead to higher savings rates at every age, even when retirement is endogenous. In a stable population … these higher savings rates are offset by increased old age dependency, but during the disequilibrium phase, when longevity … is rising, the effect on aggregate savings rates can be substantial. Our results explain the boom in savings in East Asia …

life expectancy related to observable factors such as income, gender, and health have large effects on savings, and that …

stochastic event, age-specific mortality risks are endogenous variables, and spending on life protection is set jointly with …-specific mortality risks and implicit private values-of-life-saving (VLS) as "dual variables", and estimates them jointly. It also offers …

' arises from differences in mortality risk, marital status, risk aversion, and the presence of pre-existing annuities such as …

cyclical increases in income may raise mortality, even when the long-run effects of income are in the opposite direction. There … is no evidence that recent increases in inequality raised mortality beyond what it would otherwise have been …

model of smoking and medical care use that highlights two forms of selection: selective mortality and non-random cessation … smokers from merged National Health Interview Survey and Medicare claims information. Consistent with our theory, we find that … value of the discounted sum of total expenditures is lower for smokers, mainly because of excess mortality. We find no …