retirement age response to changes in longevity from which changes in individual savings are derived. Conditions on the age … empirical studies attribute this trend to the increases in life longevity of the populations of these countries. It has been … in the population rises along with longevity. This paper examines whether these conclusions are supported by economic …

. Building on a lifecycle model with uncertain longevity, this paper shows that increased life expectancy does not suffice to … warrant the above hypotheses. We provide assumptions about the change in survival probabilities, specifically about the age … dependence of hazard rates, which determine individuals’ behavioral response w.r.t. education, work and age of retirement …

This paper examines the optimal design of pension plans when the health status during retirement is uncertain. Assuming …

rather small, whilst those of PE versus no annuities at all (NAE) are rather large. An imperfect insurance is better than no … longevity risk, agents want to annuitize their wealth conform the classic result by Yaari (1965). In the first-best case with … perfect annuities, the market would feature a separating equilibrium (SE) in which each health type obtains an actuarially …

We consider a competitive insurance market with adverse selection. Unlike the standard models, we assume that … limited liability afforded via bankruptcy laws. Government assistance is calculated ex post of any insurance benefits. This … alters the individuals’ demand for insurance coverage. In turn, this affects equilibria in various insurance models of …

show how the law of insurance contracts should allow insurers to incentivize policyholders to exert an adequate level of … that hardly explains the many features of an insurance contract. We extend this setup to include the situation that the …

In this paper, we consider how the retirement age as well as a tax financed pension system ought to respond to a change … 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 vice versa, if the preferences for “the number …

In this paper, we consider how the hours of work and retirement age ought to respond to a change in the uncertainty of … 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 …

While the effect of social security systems on retirement decisions has received much attention, the impact of these … investment and retirement decisions in a simple analytical life-cycle model with full certainty and investigate how different … contributions and benefits increase human capital investment and postpone retirement. …

longevity increases, the young generation contributes more, and the old generation faces lower benefits and a retirement age …Increasing longevity causes an upward trend in the dependency ratio in many countries. This raises concerns about the … policy choice inevitably arises since a given social security system cannot be maintained by simply indexing retirement ages …