This paper analyzes the effect of public pension system on lifespan and happiness level using optimal longevity model. This paper found the following. Public pension system can make life expectancy longer, however, the extension of lifespan caused by the public pension, not by own decision,...

This paper analyzes the effect of public pension system on lifespan and happiness level using optimal longevity model. This paper found the following. Public pension system can make life expectancy longer, however, the extension of lifespan caused by the public pension, not by own decision,...

In this paper, we analyze the effect of a pension system on the life expectancy and the lifetime utility level using an optimal dynamic problem of individuals who live in continuous and finite time. Our model yields a number of intriguing results: 1) Life expectancy is not always proportional to...

In this paper, we analyze the effect of a pension system on the life expectancy and the lifetime utility level using a cross country data and an optimal dynamic problem of individuals who live in continuous and finite time. From the data, we find that 1) Happiness can be almost explained by...