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Policy effects in hyperbolic vs. exponential models of consumption and retirement
Gustman, Alan L.; Steinmeier, Thomas L. - In: Journal of Public Economics 96 (2012) 5, pp. 465-473
This paper constructs a structural retirement model with hyperbolic preferences and uses it to estimate the effect of several potential Social Security policy changes. Estimated effects of policies are compared using two models, one with hyperbolic preferences and one with standard exponential...
Persistent link: https://www.econbiz.de/10010574351
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Temptation and Social Security in a Dynastic Framework
Kumru, Cagri Seda; Tran, Chung - School of Economics, UNSW Business School - 2009
because of their altruistic concerns, on the other hand, they prefer to save less because of their urge for temptation towards … current consumption. Individuals’ efforts to balance between the long-term commitment (consumption smoothing and altruism) and … the short-term urge for temptation result in self-control costs. In this environment the existence of social security …
Persistent link: https://www.econbiz.de/10004984667
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Temptation and social security in a dynastic framework
Kumru, Cagri S.; Tran, Chung - In: European Economic Review 56 (2012) 7, pp. 1422-1445
-term urge for temptation and the long-term commitment for consumption smoothing result in self-control costs. In this … less because of their urge for temptation towards current consumption. Individuals' efforts to balance between the short …
Persistent link: https://www.econbiz.de/10010580678
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"Should I Pay for You or for Myself"? The Optimal Level and Composition of Retirement Benefit Systems
van Praag, Bernard M. S.; Cardoso, Pedro - 2001
Feldstein [1985] posed the questions of what would be the optimal level of retirement benefit, and what would be the optimal mix between the pay-as-you-go system and the funded pension system under the assumption of an exogenous interest rate. We reconsider the problem with the addition of a...
Persistent link: https://www.econbiz.de/10010276956
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"Should I pay for you or for myself"? : the optimal level and composition of retirement benefit systems
Praag, Bernard M. S. van; Cardoso, Pedro - 2001
Feldstein [1985] posed the questions of what would be the optimal level of retirement benefit, and what would be the optimal mix between the pay-as-you-go system and the funded pension system under the assumption of an exogenous interest rate. We reconsider the problem with the addition of a...
Persistent link: https://www.econbiz.de/10011339670
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Is Social Security Behind the Collapse of Personal Saving?
Caliendo, Frank - 2009
This paper considers the quantitative role of growth in the size of the social security program in contributing to the collapse of personal saving in the U.S. over the last few decades. Using a calibrated, general equilibrium life-cycle model this paper shows that social security may not be to...
Persistent link: https://www.econbiz.de/10013157190
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A Historical Welfare Analysis of Social Security : Whom Did the Program Benefit?
Sommer, Kamila - 2017
A well-established result in the literature is that Social Security tends to reduce steady state welfare in a standard life cycle model. However, less is known about the historical effects of the program on agents who were alive when the program was adopted. In a computational life cycle model...
Persistent link: https://www.econbiz.de/10012970830
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Social Security and Public Insurance
Börsch-Supan, Axel H. - 2016
When the challenges of population aging are being debated, the uncertain future of pension systems is a topic of high priority and large controversy. The aim of this chapter is not to provide a “consensus view” on social security and public insurance in aging populations but to put structure...
Persistent link: https://www.econbiz.de/10012981855
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Pension and Social Security Wealth in the Health and Retirement Study
Gustman, Alan L.; Mitchell, Olivia S.; Samwick, Andrew A.; … - 2011
Together, pensions, social security and health insurance account for half of the wealth held by all households in the Health and Retirement Study (HRS), for 60 percent of total wealth of HRS households who are in the 45th to 55th wealth percentiles, and even for 48 percent of wealth for those in...
Persistent link: https://www.econbiz.de/10014043164
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Chapter 13. Social Security and Public Insurance
Börsch-Supan, A.; Härtl, K.; Leite, D.N. - In: Handbook of the economics of population aging : Volume 1, (pp. 781-863). 2016
When the challenges of population aging are being debated, the uncertain future of pension systems is a topic of high priority and large controversy. The aim of this chapter is not to provide a “consensus view” on social security and public insurance in aging populations but to put structure...
Persistent link: https://www.econbiz.de/10014023471