In this paper, the impact of the West German pension system on the retirement decisions of elderly citizens is analyzed within the framework of a discrete-time hazard rate model deduced from a micro-economic decision rule. The model is estimated using a panel dataset of elderly West German...

This paper studies the relationship between public education and pay-as-you-go social security in a representative democracy, where the government reacts both to voting and lobbying activities of workers and pensioners. While an intergenerational conflict prevails concerning actual social...

Many reform proposals of the social security systems in various OECD economies suggest to scale down the non-actuarial parts of the pension systems. These reforms have a flavor of increased efficiency at the costs of welfare losses for low-income individuals. Assessing the economic effects, we...