Mortality transition and differential incentives for early retirement

• 成果类型: Article
• 署名作者: d'Albis, Hippolyte; Lau, Sau-Him Paul; Sanchez-Romero, Miguel
• 署名单位: University of Hong Kong; Paris School of Economics; heSam Universite; Universite Pantheon-Sorbonne; Max Planck Society
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2011.11.004
• 发表日期: 2012
• 页码: 261-283
• 关键词: mortality decline; Incentive for early retirement; Years-to-consume effect; Lifetime human wealth effect

摘要

Many studies specify human mortality patterns parametrically, with a parameter change affecting mortality rates at different ages simultaneously. Motivated by the stylized fact that a mortality decline affects primarily younger people in the early phase of mortality transition but mainly older people in the later phase, we study how a mortality change at an arbitrary age affects optimal retirement age. Using the Volterra derivative for a functional, we show that mortality reductions at older ages delay retirement unambiguously, but that mortality reductions at younger ages may lead to earlier retirement due to a substantial increase in the individual's expected lifetime human wealth. (C) 2011 Elsevier Inc. All rights reserved.