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Mortality transition and differential incentives for early retirement

  • d'Albis, Hippolyte
  • Lau, Paul
  • Sanchez-Romero, Miguel

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 individualʼs expected lifetime human wealth.

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File URL: http://www2.toulouse.inra.fr/lerna/travaux/cahiers2010/10.21.327.pdf
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Paper provided by LERNA, University of Toulouse in its series LERNA Working Papers with number 10.21.327.

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Date of creation: Dec 2010
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Handle: RePEc:ler:wpaper:10.21.327
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