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Article: Mortality transition and differential incentives for early retirement

TitleMortality transition and differential incentives for early retirement
Authors
KeywordsIncentive for early retirement
Lifetime human wealth effect
Mortality decline
Years-to-consume effect
Issue Date2012
PublisherAcademic Press. The Journal's web site is located at http://www.elsevier.com/locate/jet
Citation
Journal of Economic Theory, 2012, v. 147 n. 1, p. 261-283 How to Cite?
AbstractMany 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 individual's expected lifetime human wealth. © 2011 Elsevier Inc.
Persistent Identifierhttp://hdl.handle.net/10722/164718
ISSN
2015 Impact Factor: 1.097
2015 SCImago Journal Rankings: 2.587
ISI Accession Number ID
References

 

DC FieldValueLanguage
dc.contributor.authord'Albis, Hen_HK
dc.contributor.authorLau, SHPen_HK
dc.contributor.authorSanchez-Romero, Men_HK
dc.date.accessioned2012-09-20T08:08:42Z-
dc.date.available2012-09-20T08:08:42Z-
dc.date.issued2012en_HK
dc.identifier.citationJournal of Economic Theory, 2012, v. 147 n. 1, p. 261-283en_HK
dc.identifier.issn0022-0531en_HK
dc.identifier.urihttp://hdl.handle.net/10722/164718-
dc.description.abstractMany 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 individual's expected lifetime human wealth. © 2011 Elsevier Inc.en_HK
dc.languageengen_US
dc.publisherAcademic Press. The Journal's web site is located at http://www.elsevier.com/locate/jeten_HK
dc.relation.ispartofJournal of Economic Theoryen_HK
dc.rightsNOTICE: this is the author’s version of a work that was accepted for publication in Journal of Economic Theory. Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reflected in this document. Changes may have been made to this work since it was submitted for publication. A definitive version was subsequently published in Journal of Economic Theory, 2012, v. 147 n. 1, p. 261-283. DOI: 10.1016/j.jet.2011.11.004en_US
dc.rightsCreative Commons: Attribution 3.0 Hong Kong License-
dc.subjectIncentive for early retirementen_HK
dc.subjectLifetime human wealth effecten_HK
dc.subjectMortality declineen_HK
dc.subjectYears-to-consume effecten_HK
dc.titleMortality transition and differential incentives for early retirementen_HK
dc.typeArticleen_HK
dc.identifier.emaild'Albis, H: dalbis@univ-paris1.fren_HK
dc.identifier.emailLau, SHP: laushp@hkucc.hku.hk-
dc.identifier.emailSanchez-Romero, M: MSanchez@demogr.mpg.de-
dc.identifier.authorityLau, SHP=rp01073en_HK
dc.description.naturepostprint-
dc.identifier.doi10.1016/j.jet.2011.11.004en_HK
dc.identifier.scopuseid_2-s2.0-84155167481en_HK
dc.identifier.hkuros206883en_US
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-84155167481&selection=ref&src=s&origin=recordpageen_HK
dc.identifier.volume147en_HK
dc.identifier.issue1en_HK
dc.identifier.spage261en_HK
dc.identifier.epage283en_HK
dc.identifier.eissn1095-7235-
dc.identifier.isiWOS:000299445800011-
dc.publisher.placeUnited Statesen_HK
dc.identifier.scopusauthoridSánchezRomero, M=54384305600en_HK
dc.identifier.scopusauthoridLau, SHP=7401596159en_HK
dc.identifier.scopusauthoridd'Albis, H=12143796700en_HK
dc.identifier.citeulike10012437-

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