Chapter
2.3. Trends in Hours of Work
2.4. Trends in Self-Employment
3. The Retirement Decision
3.1. The Life-Cycle Profile of Hours and Employment
3.2. The Distribution of Hours Worked Near Retirement Age
3.3. Potential Explanations for the Abruptness of Retirement
4.1.1. Measurement Issues
4.2. Substitution Effects, Wealth Effects, and Liquidity Effects
4.3. Retirement Incentives from Falling Wages
4.3.1. Measurement Issues
4.4. Retirement Incentives From Public Pensions
4.4.1. Common Features of Public Pension Schemes Across Countries
4.4.2. A Detailed Example: Public Pension Programs in the United States
4.4.3. Public Pension Programs in Other Developed Countries
4.4.4.1. Importance of Earnings Tests
4.4.4.2. Effect of Actuarial Adjustments
4.4.4.3. Effect of Changing Early and Normal Retirement Ages
4.4.4.4. Benefit Generosity
4.4.5. Trends in Public Pension Incentives
4.5. Retirement Incentives From Private Pensions
4.5.1. Defined Benefit Pensions
4.5.2. Trends in Private Pension Incentives
4.6. Retirement Incentives From Disability Insurance
4.7. Retirement Incentives From Health Insurance
4.8. Expectations, Salience, and Focal Points
5. Models of the Retirement Decision
5.1. Early Structural Models
5.2. A Structural Model With Savings and Uncertainty
5.3. Estimated Life-Cycle Labor Supply Elasticities
5.3.1. Retirement Elasticities
5.5. Recent Structural Models
5.5.1. Liquidity Constraints
5.5.3. Disability Insurance
5.5.4. Medical Spending Risk
5.5.5. Explaining Differences in Retirement Across Countries and Over Time
5.5.6. Optimal Pensions Policy
5.6. Retirement and Financial Decision-Making
5.8. Structural Models: Key Limitations and Challenges for the Future
6. Families and Households
6.1. Evidence on Retirement in Couples
6.2. Modeling Retirement Decisions in Couples
6.3. Separating Preferences and Financial Incentives for Joint Retirement
6.4. What Have We Learned About Joint Retirement?
7. Conclusions and Challenges
Chapter 9: Investing and Portfolio Allocation for Retirement
2. Short- vs Long-Term Risk of Retirement Investments
3. Accumulation of Retirement Assets
3.1. Labor Income as the Main Source of Retirement Savings
3.2. Main Features of Qualified Retirement Programs
4. Decumulation of Retirement Assets
5. Payout Portfolio and the Optimal Retirement Strategy
5.1. Existing Research on the Subject
5.2. Investing During the Retirement Phase—Simulation Example
5.3. Investing During the Whole Lifecycle—Simulation Example
Chapter 10: Conflict and Cooperation Within the Family, and Between the State and the Family, in the Provision of Old-Age S...
2. Savings, Gifts, and Care of Relatives
2.3. Ascending and Multilateral Altruism
2.4. Marriage, Divorce, and Remarriage
3.1. The Basics of Public Pension Systems
3.2. Pensions in the Life-Cycle Model
3.3. Pensions in the Presence of Descending Altruism
3.4. Pensions in the Presence of Ascending Altruism
4.1. Family Constitutions
4.2. Family Constitutions with Sex Differentiation
4.3. Social Security vs Family Constitutions
Chapter 11: Complex Decision Making: The Roles of Cognitive Limitations, Cognitive Decline, and Aging
2. Health Insurance and Health Care Choices
2.1. Evidence of ``Confusion´´ in Making Health Insurance Choices
2.1.1. Evidence That Consumers Fail to Understand Health Plan Attributes
2.1.2. Evidence That Consumers Fail to Properly Judge Insurance Costs and Benefits
2.1.3. Evidence on Choice Set Complexity, Age, and ``Confusion´´
2.1.4. Effect of Choice Set Simplification on Consumer Choice and Market Equilibrium
2.2. Evidence of ``Confusion´´ in Making Health Care Choices
3. Retirement Savings and Investment Planning
3.1. Evidence of ``Confusion´´ in Retirement Planning
3.1.1. Evidence That Consumers Hold Biased Expectations
3.1.2. Evidence That Consumers Misunderstand Pension Plan Rules and Entitlements
3.2. Evidence That Consumers Lack Financial Literacy
3.2.1. Evidence That Consumers Make Passive Choices
3.2.2. Evidence That Consumers Are "Confused" by Investment Decisions
3.3 Can Disclosures, Education, or Advice Reduce Retirement Planning“Confusion”?
4. Models of Choice Behavior That Incorporate Irrational Behavior and Confusion
4.1. Allowing Perceived Attributes to Differ From True Attributes
4.2. Relaxing Theoretical Constraints on Choice Model Parameters
4.3. Allowing for Heterogeneity in the Choice Process
4.4. Incorporating Confusion in the Choice Process
4.5. Simple Methods to Model Dynamics That Relax Optimizing Assumptions
4.6. Summary and Directions for Future Work
Appendix A. Likelihood Function of the Harris–Keane Model
Appendix B. Simulations of Harris–Keane Healthplan Choice Model
Part IV: Public Policy with an Aging Population
Chapter 12: Taxation, Pensions, and Demographic Change
2. Fiscal Implications of Demographic Change
2.2. Modeling the Impacts of Demographic Change
2.2.1. Population Aging and Demography
2.2.2. An Overview of Methods
2.3.1. Some National Studies
2.4. International Studies
2.5. Role of Sources of Demographic Change
3.2. Age-Dependent Taxation
3.2.1. Why the Interest in Age-Dependent Taxation?
3.2.2. The Ramsey Approach to Age-Dependent Taxation
3.2.3. The Mirrlees Approach to Age-Dependent Taxation
3.3. Taxation Design Issues
3.3.1. Taxation Reform and Analysis
3.3.2. The Taxation of Capital Income
3.3.4. Optimal Taxation Over the Transition
4.2. Means Testing of Pension Benefits
4.2.1. Why Is Means Testing an Issue?
4.2.2. Types of Means Tests
4.2.2.1. Australia's Age Pension-Subject to Income and Assets Tests
4.2.3. The Economics of Means Testing
4.2.3.1. Means Testing and Life Cycle Decisions
4.2.3.2. Impact on the Hours Decision
4.2.3.3. Impact on the Saving Decision
4.2.3.4. Other Approaches
4.2.4. Optimal Means Test Design
4.2.5. Modeling and Implications of Means Testing
4.3. Pension and Social Security Design and Analysis
4.3.1. Privatization of Social Security
4.3.2. Optimal Pension Design
4.3.3. Political Support for Social Security
4.3.4. Relating Pensions to Demographic Change
Chapter 13: Social Security and Public Insurance
2. Pension Systems: Institutions and Basic Accounting Relations
2.1. Pay-As-You-Go Pension Systems
2.2. Fully Funded Pension Systems
2.3. Notional Defined Contribution Systems
2.4. Hybrid DB/DC Systems and Intergenerational Risk Sharing
2.5. Mixed Pension Systems in the Real World
3. Saving Behavior and Social Insurance
3.1. The Neoclassical Household Model
3.2. Textbook Life Cyclers
3.3. Poverty Alleviation and Moral Hazard
4. Labor Supply and Social Insurance
4.1. Earnings Tests and Mandatory Retirement
4.2. Retirement Decisions and the Incentives Created by Social Insurance
4.3. Empirical Models of the Retirement Decision
4.4. Labor Supply Disincentives for Workers
4.5. Restrictions on Labor Supply
5. The Macroeconomics of Pension Systems in an Aging Population
5.2. Numerical Solution and Calibration
5.3. Conventional Model Variant: Baseline
5.4. GDP, Wages, Interest Rates, and Capital–Labor Substitution
5.5. GNP, Consumption, and International Diversification
6. Parametric Pension and Labor Market Reform
6.1. Exogenous Labor Supply
6.2. Lifting Labor Market Restrictions When Labor Supply Is Endogenous
7. Systemic Reform: The Transition From PAYG-DB to FF-DC
7.1. Life-Cycler Households in a Deterministic World
7.2. Life-Cycler Households in a Stochastic World
7.3. Procrastinating Households in a Deterministic World
8. Conclusions and Research Desiderata
Chapter 14: Workplace-Linked Pensions for an Aging Demographic
2. Population Aging and Workplace-Related Pensions
2.1. Implications of Population Aging for Social Security Systems
2.2. Developments in Workplace-Related Pensions
2.3. Issues with DC Pensions
2.4. Public Sector Employee Pensions
2.4.1. Valuing Public Plan Liabilities
2.4.2. Public Plan Funding Ratios vs Market Performance
2.4.4. The Outlook for Public Pensions
3. Considerations for Workplace Pension Design
3.1. Decision-Making and Commitment
3.1.1. Enrollment and Contributions
3.2. Knowledge and Financial Literacy
4.1. Tax Incentives for Retirement Savings
4.2. Policy Options in the Face of Stakeholder Competence and Behavior
4.3. Longevity Insurance Products
4.3.1. Group Self-Annuitization
4.3.2. Ruin-Contingent Life Annuities
4.4. Guarantees in Workplace-Linked Pension Systems
4.5. Alternative Pension Administrative and Governance Structures
5. Overall Conclusions and Research Needs
Chapter 15: Poverty and Aging
2. Measurement of Poverty With Age
2.1. What Is the Threshold?
2.2. What Are the Resources?
2.3. What Is the Aggregation?
3. Poverty and Aging Trends in the United States
3.1. Poverty by Age Group Over Time
3.2. Poverty Over the Age Distribution
3.3. Poverty by Gender and Age
4. Poverty and Aging Trends in the OECD
4.1. Poverty by Age Group Over Time
4.2. Poverty Over the Age Distribution
4.3. Poverty by Gender and Age
5. Poverty Alleviation and the Labor Market
5.1. Labor Market and Poverty
5.2. Labor Market Trends and Age
5.3. Labor Market Policies and Age
6. Poverty Alleviation and Social Expenditure
6.1. Social Expenditure and Poverty
6.2. Multiple Policy Impacts on Poverty
6.3. Single Policy Impacts on Poverty
8.1. Measurement and Trends
8.2. Poverty Alleviation and Policy
Chapter 16: Health and Long-Term Care
2.1. Demographic Transition in Long-Term Care
2.2. Public Financing Overview
3.2. Effect of Informal Care on Formal Care and Health Care Expenditures
3.3. Inter-vivos Transfers
3.4. Informal Care and Caregiver Labor Supply
3.5. Informal Care and Caregiver Health
5.1. Potential Market Failures
6.1. Quality of Care in Nursing Homes
6.2. Performance Measures
Part V: Data for Analysis of Population Aging
Chapter 17: The HRS Around the World Surveys
1. Population Aging Data: The HRS Network of Surveys
1.1. The Health and Retirement Study (HRS)
1.2. The International Landscape in Comparable Data Collection
2. New Frontiers in the Economics of Aging Research
2.3. Expanding the HRS-Family of Harmonized Surveys
Handbook of the Economics of Population Aging
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