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Title: Mortality Transition and Differential Incentives for Early Retirement

Citation Type: Journal Article

Publication Year: 2012

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Abstract: Many studies specify human mortality patterns parametrically, with a parameter change affecting mortalityrates 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 individuals expected lifetime human wealth.

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Authors: D'Albis, Hippolyte; Sanchez-Romero, Miguel; Lau, Sau-Him Paul

Periodical (Full): Journal of Economic Theory

Issue: 1

Volume: 147

Pages: 7-14

Data Collections: IPUMS CPS

Topics: Fertility and Mortality

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