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Uncertain Lifetimes, Retirement and Economic Welfare

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Author Info
Chang, Fwu-Ranq

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Abstract

The effect of increased life expectancy on retirement age is ambiguous because a change in the survival probability is analogous to a change in intertemporal prices. It is shown that the decision to retire earlier or later depends on the old-age saving behavior. Early retirement could emerge if one saves in old age. It is also shown that the effect of intertemporal substitutions, arising from the imperfection of the annuity market, could produce a tilt to the reservation wage profile, which, in turn, makes early retirement possible. Copyright 1991 by The London School of Economics and Political Science.

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Publisher Info
Article provided by London School of Economics and Political Science in its journal Economica.

Volume (Year): 58 (1991)
Issue (Month): 230 (May)
Pages: 215-32
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Handle: RePEc:bla:econom:v:58:y:1991:i:230:p:215-32

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  1. Fwu-Ranq Chang, 2002. "A Theory of Health Investment under Competing Mortality Risks," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
    Other versions:
  2. Johansson, Per-Olov, 2002. "On the Definition and Age-Dependency of the Value of a Statistical Life. A Review and Extension," Working Paper Series in Economics and Finance 490, Stockholm School of Economics, revised 29 Jan 2002. [Downloadable!]
  3. Ryan D. Edwards, 2008. "The Cost of Uncertain Life Span," NBER Working Papers 14093, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  4. David E. Bloom & David Canning & Michael Moore, 2007. "A Theory of Retirement," NBER Working Papers 13630, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  5. Owen O'Donnell & Federica Teppa & Eddy van Doorslaer, 2008. "Can subjective survival expectations explain retirement behaviour?," DNB Working Papers 188, Netherlands Central Bank, Research Department. [Downloadable!]
  6. Per-Olov JOHANSSON, 2006. "On the definition and estimation of the value of a “statistical life”," Departemental Working Papers 2006-23, Department of Economics University of Milan Italy. [Downloadable!]
  7. Hippolyte D'Albis & Emmanuelle Augeraud-Véron, 2008. "Endogenous Retirement and Monetary Cycles," Post-Print hal-00424801_v1, HAL. [Downloadable!]
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  8. Fwu-Ranq Chang, 2001. "Life Insurance, Precautionary Saving and Contingent Bequest," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
    Other versions:
  9. David E. Bloom & David Canning & Michael Moore, 2004. "The Effect of Improvements in Health and Longevity on Optimal Retirement and Saving," NBER Working Papers 10919, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
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