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Article: Mortality transition and differential incentives for early retirement
Title | Mortality transition and differential incentives for early retirement |
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Authors | |
Keywords | Incentive for early retirement Lifetime human wealth effect Mortality decline Years-to-consume effect |
Issue Date | 2012 |
Publisher | Academic 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? |
Abstract | 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 individual's expected lifetime human wealth. © 2011 Elsevier Inc. |
Persistent Identifier | http://hdl.handle.net/10722/164718 |
ISSN | 2023 Impact Factor: 1.4 2023 SCImago Journal Rankings: 3.218 |
ISI Accession Number ID | |
References |
DC Field | Value | Language |
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dc.contributor.author | d'Albis, H | en_HK |
dc.contributor.author | Lau, SHP | en_HK |
dc.contributor.author | Sanchez-Romero, M | en_HK |
dc.date.accessioned | 2012-09-20T08:08:42Z | - |
dc.date.available | 2012-09-20T08:08:42Z | - |
dc.date.issued | 2012 | en_HK |
dc.identifier.citation | Journal of Economic Theory, 2012, v. 147 n. 1, p. 261-283 | en_HK |
dc.identifier.issn | 0022-0531 | en_HK |
dc.identifier.uri | http://hdl.handle.net/10722/164718 | - |
dc.description.abstract | 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 individual's expected lifetime human wealth. © 2011 Elsevier Inc. | en_HK |
dc.language | eng | en_US |
dc.publisher | Academic Press. The Journal's web site is located at http://www.elsevier.com/locate/jet | en_HK |
dc.relation.ispartof | Journal of Economic Theory | en_HK |
dc.rights | NOTICE: 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.2011.11.004 | en_US |
dc.rights | This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License. | - |
dc.subject | Incentive for early retirement | en_HK |
dc.subject | Lifetime human wealth effect | en_HK |
dc.subject | Mortality decline | en_HK |
dc.subject | Years-to-consume effect | en_HK |
dc.title | Mortality transition and differential incentives for early retirement | en_HK |
dc.type | Article | en_HK |
dc.identifier.email | d'Albis, H: dalbis@univ-paris1.fr | en_HK |
dc.identifier.email | Lau, SHP: laushp@hkucc.hku.hk | - |
dc.identifier.email | Sanchez-Romero, M: MSanchez@demogr.mpg.de | - |
dc.identifier.authority | Lau, SHP=rp01073 | en_HK |
dc.description.nature | postprint | - |
dc.identifier.doi | 10.1016/j.jet.2011.11.004 | en_HK |
dc.identifier.scopus | eid_2-s2.0-84155167481 | en_HK |
dc.identifier.hkuros | 206883 | en_US |
dc.relation.references | http://www.scopus.com/mlt/select.url?eid=2-s2.0-84155167481&selection=ref&src=s&origin=recordpage | en_HK |
dc.identifier.volume | 147 | en_HK |
dc.identifier.issue | 1 | en_HK |
dc.identifier.spage | 261 | en_HK |
dc.identifier.epage | 283 | en_HK |
dc.identifier.eissn | 1095-7235 | - |
dc.identifier.isi | WOS:000299445800011 | - |
dc.publisher.place | United States | en_HK |
dc.identifier.scopusauthorid | SánchezRomero, M=54384305600 | en_HK |
dc.identifier.scopusauthorid | Lau, SHP=7401596159 | en_HK |
dc.identifier.scopusauthorid | d'Albis, H=12143796700 | en_HK |
dc.identifier.citeulike | 10012437 | - |
dc.identifier.issnl | 0022-0531 | - |