Galuscak, Kamil - EconWPA - 2001
.S. pension scheme, that discounting plays a crucial role, since the formula for the present discounted value of future retirement … at least 25% greater than it is in the case when discounting is neglected. Moreover when accouting for risk aversion … towards lifetime uncertainty, the optimal delayed retirement credit is increased by 15- 25%. Our results indicate that the U …