Stefan Hupfeld () (Department of Economics, University of Konstanz)
Abstract
There are theoretical foundations which allow hypothesizing on a positive association of life expectancy or retirement age with income. If both cannot be falsified, the relationship of income and the internal rate of return of a public pension system is not straight forward. By application of a partially linear model to micro data from the German public pension system, it is found that neither life expectancy, nor retirement age is monotonously increasing in income, as measured in benefit claims. The relation of benefit claims and duration under the benefit spell (which determines the rate of return) depends on the set of covariates. Including pensions for disabled individuals, three out of four specifications exhibit a duration decreasing in benefit claims.
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Find related papers by JEL classification: H23 - Public Economics - - Taxation, Subsidies, and Revenue - - - Externalities; Redistributive Effects; Environmental Taxes and Subsidies I12 - Health, Education, and Welfare - - Health - - - Health Production H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
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