. This paper takes the perspective of the three demographically oldest European nations - France, Germany and Italy - to …, endogenous human capital formation and increasing the retirement age. Our quantitative finding is that endogenous human capital … formation in combination with an increase in the retirement age has strong implications for economic aggregates and welfare, in …

We propose a unified framework to measure the effects of different reforms of the pension system on retirement ages and … retirement decisions are explicitly modeled within a public pension system. Heterogeneity with respect to consumption preferences … behavior of households, we observe that feedback effects do occur. Results suggest that individual retirement decisions are …

. This paper takes the perspective of the three demographically oldest European nations - France, Germany and Italy - to …, endogenous human capital formation and increasing the retirement age. Our quantitative finding is that endogenous human capital … formation in combination with an increase in the retirement age has strong implications for economic aggregates and welfare, in …