منابع مشابه
Longevity and Life-cycle Savings*
We add health and longevity to a standard model of life-cycle saving and show that, under plausible assumptions, increases in life expectancy lead to higher savings rates at every age, even when retirement is endogenous. In a stationary population these higher savings rates are offset by increased old age dependency, but during the disequilibrium phase, when longevity is rising, the effect on a...
متن کاملLongevity Risk, Retirement Savings, and Financial Innovation
Over the last couple of decades there have been unprecedented, and to some extent unexpected, increases in life expectancy which have raised important questions for retirement savings. We study optimal consumption and saving choices in a life-cycle model, in which we allow for changes in the distribution of survival probabilities, according to the Lee-Carter (1992) model. We allow individuals t...
متن کاملRising longevity, education, savings, and growth
This paper examines the impact of declines in adult mortality on growth in an overlapping generations model. With public education and imperfect annuity markets, a decline in mortality affects growth through three channels. First, it raises the saving rate and thereby increases the rate of physical capital accumulation. Second, it reduces accidental bequests, lowers investment, and thereby lowe...
متن کاملRules of Thumb in Life-cycle Savings Models
We analyze life-cycle savings decisions when households use simple heuristics, or rules of thumb, rather than solve the underlying intertemporal optimization problem. The decision rules we explore are a simple Keynesian rule where consumption follows income; a simple consumption rule where only a fraction of positive income shocks is saved; a rule that corresponds to the permanent income hypoth...
متن کاملLongevity and life expectancy.
"In this article the evolution of life expectancy is examined historically for various European nations at various ages, and according to sex. Appropriate logistic equations describe the facts and extrapolate into the future giving the doctor an indication of what is still to be accomplished and the demographer the tools with which to evaluate the aging of European population in the next 20 yea...
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ژورنال
عنوان ژورنال: Scandinavian Journal of Economics
سال: 2003
ISSN: 0347-0520,1467-9442
DOI: 10.1111/1467-9442.t01-1-00001