would expect that wealth accumulated before retirement would be used to augment consumption in later life, with the … implication that wealth should decline over time. The risk of large out-of-pocket medical expenditures is negligible in Denmark … explanations are not plausible for Denmark (and therefore also questionable for the U.S.). Our analysis instead attempts to explain …

Denmark we find that those in worse health and with less schooling are more likely to receive DI. The gradient of DI … college completion. Using an option value model that accounts for different pathways to retirement, applied to a period … spanning a major pension reform, we find that pension program incentives in general are important determinants of retirement …

-based eligibility age implemented by reform that Denmark launched in 2006. Absent treatment, younger workers not only have biased …