Mortality transition and differential incentives for early retirement |
| |
Authors: | Hippolyte dʼAlbis Sau-Him Paul Lau Miguel Sánchez-Romero |
| |
Affiliation: | 1. Paris School of Economics (University Paris 1), France;2. School of Economics and Finance, University of Hong Kong, Hong Kong;3. Max Planck Institute for Demographic Research, Rostock, Germany |
| |
Abstract: | 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. |
| |
Keywords: | |
本文献已被 ScienceDirect 等数据库收录! |
|