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Optimal pension systems with simple instruments

Author(s): Golosov, Mikhail; Shourideh, A; Troshkin, M; Tsyvinski, A

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Abstract: We analyze optimal pension systems relying on simple policy instruments in a lifecycle environment which admits endogenous decisions of how much to work as well as when to retire. The optimality in this context means the highest welfare that can be achieved within a restricted set of instruments, while keeping the total cost of the pension system unchanged. The policy instruments we consider are the optimized retirement benefit functions modeled after a stylized version of the current US Social Security.
Publication Date: May-2013
Citation: Golosov, M, Shourideh, A, Troshkin, M, Tsyvinski, A. (2013). Optimal pension systems with simple instruments. American Economic Review, 103 (3), 502 - 507. doi:10.1257/aer.103.3.502
DOI: doi:10.1257/aer.103.3.502
ISSN: 0002-8282
Pages: 502 - 507
Type of Material: Journal Article
Journal/Proceeding Title: American Economic Review
Version: Final published version. Article is made available in OAR by the publisher's permission or policy.

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