This paper deals with two issues concerning the effects of population aging on education decisions in the presence of a PAYG pension system: We first analyze the effects of an aging population per se on individual skill choices and continuous education and the production structure. Second, we study the implications of postponed retirement, which is often proposed as a measure to cope with the economic challenges of increased longevity. Our study uses a dynamic general equilibrium framework with overlapping generations and probabilistic aging. The model allows for capital skill complementarity in the production of final output.
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Volume (Year): 8 (2009) Issue (Month): 02 (April) Pages: 189-223 Download reference. The following formats are available: HTML
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