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Título: The endogenous determination of retirement age and Social Security benefits
Autor: Cabo, Francisco
García-González, Ana
Año del Documento: 2014
Editorial: Cambridge University Press
Descripción: Producción Científica
Documento Fuente: Macroeconomic Dynamics, 18, pp. 93-113.
Resumen: An ageing population in modern societies has put stress on public pension systems. To prevent Social Security deficits from increasing to unbounded stocks of public debt we focus on two policies: reducing the generosity of pension benefits, determined by the government, and post- poning the effective retirement age, chosen by employees. An atomistic employee would disregard the effect of his retirement decision on the public debt and would retire as soon as possible. Conversely, an ideal farsighted agency considering all current and future employees would postpone re- tirement, thereby alleviating the pressure on public debt and allowing for a more generous long-run pension. The government may design a proper incentive strategy to induce myopic atomistic decision-makers, to act non-myopically. This strategy is a two-part incentive with non-linear dependence on the stock of public debt. It is credible if deceiving em- ployees slightly adjust their retirement age decisions to increments in the public debt.
Materias (normalizadas): Differential games
Pension systems
Palabras Clave: Public pension system
effective retirement age
differential games
credibility of incentive equilibrium
ISSN: 1365-1005 (Print), 1469-8056 (Online)
Revisión por Pares: SI
DOI: https://doi.org/10.1017/S1365100512000296
Patrocinador: MICINN under project ECO2008- 01551/ECON.
Version del Editor: https://www.cambridge.org/core/journals/macroeconomic-dynamics/article/endogenous-determination-of-retirement-age-and-social-security-benefits/9EE091C1A9DC1379CEF4202FB4E21EA7
Idioma: spa
URI: http://uvadoc.uva.es/handle/10324/32333
Derechos: info:eu-repo/semantics/openAccess
Aparece en las colecciones:DEP20 - Artículos de revista

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