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The design of pension pay out options when the health status during retirement is uncertain
Kifmann, Mathias - 2008
This paper examines the optimal design of pension plans when the health status during retirement is uncertain. Assuming that the health status affects both life expectancy and the marginal utility of consumption, choice between a lump-sum payment and an annuity can be welfare-enhancing if the...
Persistent link: https://www.econbiz.de/10010264299
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Maintaining One's Living Standard at Old Age: What Does that Mean? Evidence Using Panel Data from Germany
Dudel, Christian; Ott, Notburga; Werding, Martin - 2013
How much retirement income is needed in order to maintain one's living standard at old age? As it is difficult to find a firm basis for an empirical treatment of this question, we employ a novel approach to assessing an adequate replacement rate vis-à-vis income in the pre-retirement period. We...
Persistent link: https://www.econbiz.de/10010293974
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The Evaluation of Pension Reforms in the Public Sector: A Case Study of the Paris Subway Drivers
Jaaidane, Touria; Gary-Bobo, Robert J. - 2015
pensions. Present and future public subsidies may at the same time be reduced. We propose a quantitative analysis of the 2008 … reform of the Paris Metro pensions. Focusing on the case of train drivers, we show that the reform should save public funds …
Persistent link: https://www.econbiz.de/10011307099
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Population Aging, Social Security and Fiscal Limits
Heer, Burkhard; Polito, Vito; Wickens, Michael - 2018
We study the sustainability of pension systems using a life-cycle model with distortionary taxation that sets an upper limit to the real value of tax revenues. This limit implies an endogenous threshold dependency ratio, i.e. a point in the cross-section distribution of the population beyond...
Persistent link: https://www.econbiz.de/10011887381
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The actuarial balance sheet for pay-as-you-go finance: solvency indicators for Spain and Sweden
Boado-Penas, Maria del Carmen; Valdés-Prieto, Salvador; … - 2008
This paper provides the first estimate of the actuarial balance of the Spanish contributory pension system for the old age contingency, based on official data. The novel entry in the balance sheet, named "Contribution Asset" or "Hidden Asset", is at the centre of the theoretical discussion. A...
Persistent link: https://www.econbiz.de/10010264278
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On myopia as rationale for social security
Andersen, Torben M.; Bhattacharya, Joydeep - 2008
myopia may justify public pensions but never alongside positive private savings. With sufficient myopia, co-existence of … positive optimal pensions and positive private saving is possible if the real interest rate on saving evolves endogenously, as …
Persistent link: https://www.econbiz.de/10010270595
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Early retirement and social security : a long term perspective
Conde-Ruiz, Jose Ignacio; Galasso, Vincenzo; Profeta, Paola - 2005
We provide a long-term perspective on the individual retirement behaviour and on the future of retirement. In a Markovian political economic theoretical framework, in which incentives to retire early are embedded, we derive a political equilibrium with positive social security contribution rates...
Persistent link: https://www.econbiz.de/10010272717
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Optimal compulsion when behavioral biases vary and the State errs
Valdés-Prieto, Salvador; Schwarzhaupt, Ursula - 2011
When behavioral biases have varying sizes, and the State seeks to correct behavior through compulsion, the question is how to design optimal compulsion. One argument is that the amount of compulsion should rise with the size of the bias to be 'cured'. A contrary argument is that since compulsion...
Persistent link: https://www.econbiz.de/10010274954
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Longevity Risk and Taxation of Public Pensions
Lassila, Jukka; Valkonen, Tarmo - 2015
rules, such as a link between life expectancy and pensions or retirement age, the tax regime shift can be used to improve …
Persistent link: https://www.econbiz.de/10011431179
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The Commitment Value of Prefunded Pensions
Garon, Jean-Denis - 2015
This paper studies how prefunding public pensions can improve policy outcomes when short-sighted governments cannot … commit. We focus on sustainable plans, where optimal nonlinear pensions are not reneged on by sequential governments …. Prefunding pensions is a commitment mechanism. It implies lower contributions than does the second best policy, which reduces …
Persistent link: https://www.econbiz.de/10011431188