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

Atkinson-Stiglitz and Chamley-Judd results, this article raises the issue of tax-favored retirement savings, a topic where the …

The present paper studies the growth and efficiency consequences of pension funding with individual retirement accounts … retirement plans. Three major findings are derived in our study: First, we quantify the commitment effect of social security for …

correlated. The paper shows that a linear tax on annuity payoffs, which raises more revenues from long-living than from short …. Further, we find that a nonlinear tax on annuity payoffs can be directly employed to correct the distortion of the rate of …

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 …

mortality process. Individual agents choose their optimal retirement age, taking into account the time - and age profiles of … 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 …

İmrohoroğlu, İmrohoroğlu and Joines [1995, A life-cycle analysis of Social Security, Economic Theory, vol. 6, 83 …

We study the short-, medium-, and long-run implications of stimulating annuity markets in a dynamic general …-equilibrium overlapping-generations model. We find that beneficial partial-equilibrium effects of stimulating annuity markets are counteracted … the stimulation of annuity markets …

correct if competitive annuity and life insurance markets have full information about individual longevities. In contrast … prospects. The break-even price of each type of annuity reflects the average longevity of its buyers. The broad conclusion that …. This conclusion is supported by recent empirical work about the UK annuity market (Finkelstein and Poterba (2004)) …