Based on a dynamic life cycle model, this study analyzes health-related risks of consumption and old-age poverty. The … model allows for health effects on employment risks, on productivity, on longevity, the correlation between health risks … employees and an extended Expectation-Maximization algorithm. Simulations suggest that health shocks induce average losses in …

Based on a dynamic life cycle model, this study analyzes health-related risks of consumption and old-age poverty. The … model allows for health effects on employment risks, on productivity, on longevity, the correlation between health risks … employees and an extended Expectation-Maximization algorithm. Simulations suggest that health shocks induce average losses in …

This paper proposes a dynamic life cycle model of health risks, employment, early retirement, and wealth accumulation … in order to analyze the health-related risks of consumption and old age poverty. In particular, the model includes a … health process, the interaction between health and employment risks, and an explicit modeling of the German public insurance …

This paper proposes a dynamic life cycle model of health risks, employment, early retirement, and wealth accumulation … in order to analyze the health-related risks of consumption and old age poverty. In particular, the model includes a … health process, the interaction between health and employment risks, and an explicit modeling of the German public insurance …

The authors formulate a stylized structural model of health, wealth accumulation and retirement decisions building on … consumption, health, health investment, savings and retirement. They argue that the Grossman literature has been unnecessarily … deteriorating health as an important reason for early retirement. They find that improvements in population health decrease the …

effects of early retirement disincentives on retirement behavior, individual welfare, pensions and public budget. We employ … retirement model. We find that labor market participation and retirement behavior in general are strongly influenced by the level …

While the effect of social security systems on retirement decisions has received much attention, the impact of these … investment and retirement decisions in a simple analytical life-cycle model with full certainty and investigate how different … contributions and benefits increase human capital investment and postpone retirement. …

agenda. Due to endogenous human capital depreciation the effective retirement age is often below statutory retirement age … retirement. However, well designed education programs will keep more workers in highly productive activities at the end of their …

This paper focuses on the relation between worker's productivity and retirement decision. Assuming that productivity … worker buys an insurance, which gives a constant income and retirement benefits in exchange for the total output. The level … of income and benefits is set to maximize lifetime utility. In such framework we find the retirement threshold of …