Gerontology

Advances in the Economics of Aging (National Bureau of by David A. Wise

By David A. Wise

This quantity provides cutting edge study on problems with value to the health of older folks: hard work industry habit, well-being care, housing and residing preparations, and saving and wealth.Specific issues contain the influence of work industry rigidities at the employment of older employees; the influence on retirement of the provision of continuation assurance advantages; and the impact of the possible money process (PPS) on emerging Medicare expenses. additionally thought of are the consequences of health and wellbeing and wealth on dwelling association judgements; the inducement results of employer-provided pension plans; the measure of substitution among 401(k) plans and different employer-provided retirement saving preparations; and the level to which housing wealth determines how a lot the aged store and consume.Two ultimate reviews use simulations that describe the results of stylized fiscal versions of habit one of the aged. This well timed quantity could be of curiosity to a person all for the economics of getting older.

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In these studies and others, workers respond strongly to the incentives built into the plans: at some ages, the incentive’toremain at the firm is strong and we observe little mobility; at other ages the incentives to leave are strong, and we observe considerable separation. For example, in a firm studied by Kotlikoff and Wise, someone leaving the firm at age 55 could get substantially higher pensions benefits than someone leaving at age 54. The difference depends on the circumstances of the worker: Kotlikoff and Wise give a case of someone with earnings of $42,000 whose pension wealth is increased by $30,000 by staying from age 54 to 55.

50. It appears, therefore, that if someone can reduce hours on the career job, the wage rate can be expected to remain about the same. Almost half of those who changed to a new full-time job had roughly constant wage rates, but the percentage having a wage loss (42%) is much greater than the percentage having a wage gain. The table makes clear that changing to part-time on a new job causes the largest decline in wages. This is, of course, consistent with an explanation based on the loss of specific job skills and fixed costs.

Of course, some of these costs could have both fixed and variable components. 6. 0. 5. Although this may seem like a large elasticity, it is similar to estimates based on the observed relationship between hours and earnings. 6. The interpretation of my example is that a reduction in hours would require the wage rate of an individual to fall in order for the firm to break even. It is difficult to estimate this relationship from observations of individuals because individuals rarely reduce hours at the same firm.

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