This paper shows that optimal unemployment insurance contracts are age-dependent. Older workers have only a few years left on the labor market prior to retirement. This short horizon implies a more digressive replacement ratio. However, there is a sufficiently short distance to retirement for...

The "money's worth" measure has been used to assess whether annuities are fairly valued and also as evidence for adverse selection in the annuity market. However, a regulated life assurer with concerns about predicting long-run mortality may price annuities to reduce these risks which will...

We study voluntary defined-contribution pension contracts with the incentive problem of early retirement and low contributions over time. Agents are free to retire, quit a plan and choose between plans. The fluctuation of labor productivity throughout working life and the length of working life...

This paper studies the economic effects on re-employment and program substitution behavior among elderly displaced workers who exogenously lose eligibility for their early retirement option. We use detailed Norwegian matched employer-employee data containing information on bankruptcy dates and...

Over the last two decades, most OECD countries have reformed their social security in order to make early departures from the labor market increasingly difficult. Despite the fiscal gains that are expected from these reforms, it is likely that these gains from longer careers will be partly...

Over the last two decades, most OECD countries have reformed their social security in order to make early departures from the labor market increasingly difficult. Despite the fiscal gains that are expected from these reforms, it is likely that these gains from longer careers will be partly...

This paper shows that increasing the normal retirement age and introducing pension deductions for retirement before normal retirement age in Germany did not prolong employment of older men. The reason for this surprising result is that employers encouraged their employees to use the bridge...