File Download
Supplementary

postgraduate thesis: Essays on demographic changes and lifecycle behavior

TitleEssays on demographic changes and lifecycle behavior
Authors
Advisors
Advisor(s):Lau, SH
Issue Date2017
PublisherThe University of Hong Kong (Pokfulam, Hong Kong)
Citation
Cai, Z. [蔡志鵬]. (2017). Essays on demographic changes and lifecycle behavior. (Thesis). University of Hong Kong, Pokfulam, Hong Kong SAR.
AbstractThis three-part thesis investigates demographic changes, lifecycle behavior and two macroeconomic variables, asset returns and wealth level. The first chapter studies how schooling and retirement choices affect the equilibrium asset return on the balanced growth path. Chapters two and three analyze how increasing wealth and mortality decline shape individual schooling and retirement decisions when human capital carries non-pecuniary benefit. Academia and practitioners have extensively studied the relation between population structure and asset returns. In most existing studies, the population structure refers to the relative population of certain age groups. I make two major contributions by analyzing the balanced-growth path of a continuous-time overlapping generations model. First, two important lifecycle choices - schooling and retirement - have non-negligible effects on the equilibrium return. Second, while the literature usually takes population structure as given, the driver of population structure changes can either be fertility variation or mortality transition. I show that mortality reduction after retirement age lowers equilibrium return, or raises asset price, which implies that a higher concentration of retirees (asset sellers) does not necessarily lead to lower asset prices. In the past century, there have been significant increases in longevity and average years of schooling across most countries. Meanwhile, the average retirement age and expected lifetime labor supply have been falling. Standard models of human capital accumulation are incompatible with the evidence. Chapters 2 and 3 try to alleviate the incompatibility by utilizing the non-pecuniary benefits of education and the significant increase in the wealth level. The presence of the non- pecuniary benefit of schooling enables the wealth effect to reduce retirement age but increase schooling, as people substitute pecuniary benefits of education for non-pecuniary benefits.
DegreeDoctor of Philosophy
SubjectDemographic transition
Wealth
Retirement
Education
Rate of return
Dept/ProgramEconomics and Finance
Persistent Identifierhttp://hdl.handle.net/10722/249213

 

DC FieldValueLanguage
dc.contributor.advisorLau, SH-
dc.contributor.authorCai, Zhipeng-
dc.contributor.author蔡志鵬-
dc.date.accessioned2017-11-01T09:59:49Z-
dc.date.available2017-11-01T09:59:49Z-
dc.date.issued2017-
dc.identifier.citationCai, Z. [蔡志鵬]. (2017). Essays on demographic changes and lifecycle behavior. (Thesis). University of Hong Kong, Pokfulam, Hong Kong SAR.-
dc.identifier.urihttp://hdl.handle.net/10722/249213-
dc.description.abstractThis three-part thesis investigates demographic changes, lifecycle behavior and two macroeconomic variables, asset returns and wealth level. The first chapter studies how schooling and retirement choices affect the equilibrium asset return on the balanced growth path. Chapters two and three analyze how increasing wealth and mortality decline shape individual schooling and retirement decisions when human capital carries non-pecuniary benefit. Academia and practitioners have extensively studied the relation between population structure and asset returns. In most existing studies, the population structure refers to the relative population of certain age groups. I make two major contributions by analyzing the balanced-growth path of a continuous-time overlapping generations model. First, two important lifecycle choices - schooling and retirement - have non-negligible effects on the equilibrium return. Second, while the literature usually takes population structure as given, the driver of population structure changes can either be fertility variation or mortality transition. I show that mortality reduction after retirement age lowers equilibrium return, or raises asset price, which implies that a higher concentration of retirees (asset sellers) does not necessarily lead to lower asset prices. In the past century, there have been significant increases in longevity and average years of schooling across most countries. Meanwhile, the average retirement age and expected lifetime labor supply have been falling. Standard models of human capital accumulation are incompatible with the evidence. Chapters 2 and 3 try to alleviate the incompatibility by utilizing the non-pecuniary benefits of education and the significant increase in the wealth level. The presence of the non- pecuniary benefit of schooling enables the wealth effect to reduce retirement age but increase schooling, as people substitute pecuniary benefits of education for non-pecuniary benefits.-
dc.languageeng-
dc.publisherThe University of Hong Kong (Pokfulam, Hong Kong)-
dc.relation.ispartofHKU Theses Online (HKUTO)-
dc.rightsThe author retains all proprietary rights, (such as patent rights) and the right to use in future works.-
dc.rightsThis work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.-
dc.subject.lcshDemographic transition-
dc.subject.lcshWealth-
dc.subject.lcshRetirement-
dc.subject.lcshEducation-
dc.subject.lcshRate of return-
dc.titleEssays on demographic changes and lifecycle behavior-
dc.typePG_Thesis-
dc.description.thesisnameDoctor of Philosophy-
dc.description.thesislevelDoctoral-
dc.description.thesisdisciplineEconomics and Finance-
dc.description.naturepublished_or_final_version-
dc.date.hkucongregation2017-
dc.identifier.mmsid991043962781403414-

Export via OAI-PMH Interface in XML Formats


OR


Export to Other Non-XML Formats