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Longevity and Public Old-Age Pensions

Author

Listed:
  • Liqun Liu
  • Andrew J. Rettenmaier
  • Thomas R. Saving

Abstract

Using an overlapping generations model with endogenous but uncertain longevity, this article analyzes the effects of public old-age pensions on longevity choice and capital accumulation. When agents are not altruistic, increases in old-age pensions are longevity-neutral for golden rule economies and longevity-decreasing if interest rates exceed population growth, and saving effects are strictly negative. When agents are altruistic, longevity is independent of old-age pensions regardless of the interest rate--population growth relation. On the other hand, the longevity effect of a price subsidy on longevity extending expenditures or an advance in longevity extending technology is positive.(JEL H5, J1) Copyright 2005, Oxford University Press.

Suggested Citation

  • Liqun Liu & Andrew J. Rettenmaier & Thomas R. Saving, 2005. "Longevity and Public Old-Age Pensions," Economic Inquiry, Western Economic Association International, vol. 43(2), pages 247-262, April.
  • Handle: RePEc:oup:ecinqu:v:43:y:2005:i:2:p:247-262
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    File URL: http://hdl.handle.net/10.1093/ei/cbi017
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    Cited by:

    1. Torben Andersen, 2014. "Intergenerational redistribution and risk sharing with changing longevity," Journal of Economics, Springer, vol. 111(1), pages 1-27, February.

    More about this item

    JEL classification:

    • H5 - Public Economics - - National Government Expenditures and Related Policies
    • J1 - Labor and Demographic Economics - - Demographic Economics

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