van Groezen, Leers and Meijdam (2003) (for short, GLM) analyzed combination of public pension and child support in an OLG model. We impose credit constraint on workers, and extend GLM's analysis from the case where workers do not understand the cost also to the case where they do. GLM's infinite...

What is the optimal retirement age? This paper looks at the optimal retirement age from various perspectives. Most of the current pension laws relating to retirement age were codified decades ago, and they have become badly out of date given what we now know about longevity, about health and...

This paper studies retirement and child support policies in a small, open, overlapping-generations economy with PAYG social security and endogenous retirement and fertility decisions. It demonstrates that neither fertility nor retirement choices necessarily coincide with socially optimal...

Increasing longevity causes an upward trend in the dependency ratio in many countries. This raises concerns about the financial sustainability of social security schemes, and reform initiatives and proposals abound. It is shown that a fundamental policy choice inevitably arises since a given...

Inevitable population aging and slower population growth will affect the economies of all nations in ways influenced by cultural values, institutional arrangements, and economic incentives. One outcome will be a tendency toward increased capital intensity, higher wages, and lower returns on...

Most models of family transfers consider only two generations and focus on two motives: altruism and exchange. They also assume perfect substitution between inter vivos financial transfers and bequests to children. On the contrary, this survey of recent developments in the literature emphasizes...

Contemporary demographic processes forcing increasing attention to the problems of relationships and dependencies between the different age groups. The ageing of the population in each society leads to changes in the contacts between young people, adults and the elderly. It is reasonable to...

Contemporary demographic processes forcing increasing attention to the problems of relationships and dependencies between the different age groups. The ageing of the population in each society leads to changes in the contacts between young people, adults and the elderly. It is reasonable to...

Contemporary demographic processes forcing increasing attention to the problems of relationships and dependencies between the different age groups. The ageing of the population in each society leads to changes in the contacts between young people, adults and the elderly. It is reasonable to...

The strong and increasing positive correlation between lifetime income and life expectancy (the longevity gap) has recently been widely studied. In this paper we employ the simplest, minimal model to demonstrate the impact of this long-neglected fact on the various types of public pension...