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Cited by 88Retirement, Disability, and EmploymentFinancial Literacy, Pension, Retirement AnalysisGlobal Health Care Issues

Optimal choice of health and retirement in a life-cycle model

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Kuhn, Michael, Wrzaczek, Stefan, Prskawetz, Alexia, Feichtinger, Gustav·2015·Journal of Economic Theory
DOI 10.1016/j.jet.2015.04.006
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  • If education and health investments raise the productivity of workers and allow them to work to older ages, an increase in the retirement age is likely to be more effective than it would be without better health and education.

    “if education and health investments raise the productivity of workers and allow them to work to older ages, an increase in the retirement age is likely to be more effective than it would be without better health and education (Kuhn et al. 2015, Sánchez-Romero et al. 2016).”

    From Fertility in High-Income Countries: Trends, Patterns, Determinants, and Consequences (2024) · cites this paper as Kuhn et al. 2015

    The Introduction (page not available in our copy) says better health can raise productivity and that working longer productively requires workers to remain in good health. But it calls the effect of improved productivity on retirement age ambiguous; §3.3 likewise finds opposing effects of pre-retirement health investment. The copy does not address education or compare how effective a retirement-age increase would be with and without better health and education. (LLM, conf=0.86)

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Research works printed but not linked: 22

  1. Bazzoli GJ (1985), The Early Retirement Decision: New Empirical Evidence on the Influence of Health, Journal of Human Resources 20, 214-234.
  2. Börsch-Supan A (2000), Incentive Effects of Social Security on Labor Force Partic- ipation: Evidence in Germany and Across Europe, Journal of Public Economics 78, 25-49.
  3. Breyer F and M Kifmann (2002), Incentives to Retire Later -A Solution to the Social Security Crisis, Journal of Pension Economics and Finance 1, 111-123.
  4. Davies JB and P Kuhn (1992), Social Security, Longevity, and Moral Hazard, Journal of Public Economics 49, 91-106.
  5. Disney R (2000), Crises in Public Pension Programmes in OECD: What are the Re- form Options?, Economic Journal 110, F1-F23.
  6. Dwyer DS and OS Mitchell (1999), Health Problems as Determinants of Retirement: Are Self-Rated Measures Endogenous?, Journal of Health Economics 18, 173-193.
  7. Ehrlich I and H Chuma (1990), A Model of the Demand for Longevity and the Value of Life Extension, Journal of Political Economy 98, 761-782.
  8. Fenge R and P Pestieau (2005), Social Security and Early Retirement, Cambridge, Mass. & London UK: MIT Press.
  9. French E (2005), The Effects of Health, Wealth, and Wages on Labour Supply and Retirement Behaviour, Review of Economic Studies 72, 395-427.
  10. Grass D, JP Calkins, G Feichtinger, G Tragler, DA Behrens (2008), Optimal Control of Nonlinear Processes: With Applications in Drugs, Corruption and Terror, Springer, Berlin.
  11. Grossman M (1972), On the Concept of Health Capital and the Demand for Health, Journal of Political Economy 80, 223-255.
  12. Johansson, P-O (2002), On the definition and age-dependency of the value of a sta- tistical life, Journal of Risk and Uncertainty 25, 251-263.
  13. Kalbfleisch JD and RL Prentice (1980), The Statistical Analysis of Failure Time Data, New York: Wiley & Sons.
  14. Kerkhofs M and M Lindeboom (1999), Retirement, Financial Incentives and Health, Journal of Labor Economics 6, 203-227.
  15. Leung SF (2007), The Existence, Uniqueness and Optimality of the Terminal Wealth Depletion Time in Life-Cycle Models of Savings Under Uncertain Lifetime and Bor- rowing Constraint, Journal of Economic Theory 134, 470-493.
  16. Lumsdaine RL and OL Mitchell (1999), New Developments in the Economic Analysis of Retirement, in: Ashenfelter OC and D Card (eds.), Handbook of Labor Economics, Vol. 3, Elsevier: Amsterdam.
  17. McGarry K (2004), Health and Retirement: Do Changes in Health Affect Retirement Expectations?, Journal of Human Resources 39, 624-648.
  18. Murphy KM and RH Topel (2006), The Value of Health and Longevity, Journal of Political Economy 114, 871-904.
  19. Philipson TJ and GS Becker (1998), Old-Age Longevity and Mortality-Contingent Claims, Journal of Political Economy 106, 551-573.
  20. Rosen S (1988), The Value of Changes in Life Expectancy, Journal of Risk and Un- certainty 11, 285-304.
  21. Wolfe, JR (1985), A Model of Declining Health and Retirement, Journal of Political Economy 93, 1258-1267.
  22. Yaari, ME (1965), Uncertain Lifetime, Life Insurance, and the Theory of the Con- sumer, Review of Economic Studies 32, 137-150.

Cited by

Sorted by citations

Authors
Kuhn, M., Wrzaczek, S., Prskawetz, A., & Feichtinger, G.
Affiliations
  • University of Vienna (AT)
  • International Institute for Applied Systems Analysis (AT)
ORCID
Venue
Journal of Economic Theory
Publisher
Elsevier BV
Published
2015-07
Volume
158
Pages
186-212
ISSN
0022-0531 (ISSN-L)
DOI
10.1016/j.jet.2015.04.006
OpenAlex
W2104938952
Cited by
88
References
1
Citations by year
2026: 7 · 2025: 2 · 2024: 5 · 2023: 7 · 2022: 6 · 2021: 5 · 2020: 10 · 2019: 4 · 2018: 7 · 2017: 11 · 2016: 4 · 2015: 8 · 2014: 1 · 2013: 2 · 2012: 5
FWCI
25.39
Type
journal article
Language
en
Open access
Licence
www.elsevier.com/tdm/userlicense/1.0/ (tdm)
Locations
  • Journal of Economic Theory (publishedVersion)
  • RePEc: Research Papers in Economics (submittedVersion)
  • Econstor (Econstor) (submittedVersion)
  • IIASA PURE (International Institute of Applied Systems Analysis) (submittedVersion)
Funders
European Commission (SSH-2007-3.1.01-217275)
Topics
  • Social Sciences › Demography › Retirement, Disability, and Employment
  • Social Sciences › Business, Management and Accounting › Accounting › Financial Literacy, Pension, Retirement Analysis
  • Health Sciences › Health Professions › General Health Professions › Global Health Care Issues
Keywords
health care, retirement, life-cycle model, moral hazard, annuity market, health care costs, longevity, morbidity, earnings, consumption, mandatory retirement, transfer schemes

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