This paper looks at the relationship between the institutional design of the social security system and retirement from … the labour force in three countries: Italy, Spain and the USA. Our works stresses the importance of dynamic incentives … provide enough variability in their welfare programs that can be exploited to explain differences in retirement behavior. We …

We compare a variety of retirement products under cumulative prospect theory (CPT), including both well-known (variable …) annuity products and some innovative, tontine-like retirement products, in which longevity risks are shared between insurers … the most attractive source of retirement income under the majority of parameters considered. In some exceptional cases …

. -- Older workers ; labor market institutions ; employment ; employment protection ; welfare state ; pensions ; retirement …