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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 …
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scheme. We show that when retirement decisions are endogenous, aging increases the retirement age and the steady state level … of capital. The effect on pension payouts is in general ambiguous, except for the solution of full retirement, when this …
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