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4. Redistributive effects of different pension systems when longevity varies by socioeconomic status

Author

Sanchez-Romero, Miguel, Lee, Ronald D, and Prskawetz, Alexia

Subjects
Economics, Applied Economics, Economic Theory, Behavioral and Social Science, Basic Behavioral and Social Science, Aging, Good Health and Well Being, Human capital, Longevity, Inequality, Life cycle, Pension, Progressivity, E24, H55, J10, J18, Applied economics, Economic theory, Policy and administration
Abstract

We propose a general analytical framework to model the redistributive features of alternative pension systems when individuals face ex ante differences in mortality. Differences in life expectancy between high and low socioeconomic groups are often large and have widened recently in many countries. Such longevity gaps affect the actuarial fairness and progressivity of public pension systems. However, behavioral responses to longevity and policy complicate analysis of possible reforms. Here we consider how various pension systems would perform in an OLG setting with heterogeneous longevity and ability. We evaluate redistributive effects of three Notional Defined Contribution plans and three Defined Benefit plans, calibrated on the US case. Compared to a benchmark non-redistributive plan that accounts for differences in mortality, US Social Security reduces regressivity from longevity differences, but would require group-specific life tables to achieve progressivity. Moreover, without separate life tables, despite apparent accounting gains, lower income groups would suffer welfare losses and higher income groups would enjoy welfare gains through indirect effects of pension systems on labor supply.

Published
2020

5. COVID-19 and Optimal Lockdown Strategies: The Effect of New and More Virulent Strains

Author

Caulkins, Jonathan P., Grass, Dieter, Feichtinger, Gustav, Hartl, Richard F., Kort, Peter M., Prskawetz, Alexia, Seidl, Andrea, Wrzaczek, Stefan, Albrecher, Hansjoerg, Editor-in-Chief, Sherris, Michael, Editor-in-Chief, Bauer, Daniel, Series Editor, Loisel, Stéphane, Series Editor, McNeil, Alexander J., Series Editor, Pelsser, Antoon, Series Editor, Pitacco, Ermanno, Series Editor, Willmot, Gordon, Series Editor, Yang, Hailiang, Series Editor, Boado-Penas, María del Carmen, editor, Eisenberg, Julia, editor, and Şahin‬‬‬, Şule, editor

Published
2022
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16. Redistributive effects of pension reforms: who are the winners and losers?

Author

Sánchez-Romero, Miguel, Schuster, Philip, and Prskawetz, Alexia

Subjects
PENSION reform, LIFE expectancy, LABOR supply, INCOME, SOCIOECONOMIC status, PENSIONS
Abstract

As the heterogeneity in life expectancy by socioeconomic status increases, many pension systems imply a wealth transfer from short- to long-lived individuals. Various pension reforms aim to reduce inequalities that are caused by ex-ante differences in life expectancy. However, these pension reforms may induce redistribution effects. We introduce a dynamic general equilibrium-overlapping generations model with heterogeneous individuals that differ in their education, labor supply, lifetime income, and life expectancy. Within this framework we study six different pension reforms that foster the sustainability of the pension system and aim to account for heterogeneous life expectancy. Our results highlight that pension reforms have to be evaluated at various dimensions. Reforms that may increase the sustainability of the pension system are not necessarily conducive to reduce the redistributive wealth transfers from short- to long-lived individuals. Our paper emphasizes the need for studying pension reforms in models with behavioral feedback and heterogeneous socioeconomic groups. [ABSTRACT FROM AUTHOR]

Published
2024
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26. Does Demography Change Wealth Inequality?

Author

Sánchez-Romero, Miguel, Wrzaczek, Stefan, Prskawetz, Alexia, Feichtinger, Gustav, Beckmann, M., Founding Editor, Fandel, Günter, Editor-in-Chief, Trockel, Walter, Editor-in-Chief, Künzi, H.P., Founding Editor, Dawid, Herbert, Series Editor, Dimitrov, Dinko, Series Editor, Gerber, Anke, Series Editor, Haake, Claus-Jochen, Series Editor, Hofmann, Christian, Series Editor, Pfeiffer, Thomas, Series Editor, Slowiński, Roman, Series Editor, Zijm, W.H.M., Series Editor, Feichtinger, Gustav, editor, Kovacevic, Raimund M., editor, and Tragler, Gernot, editor

Published
2018
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42. Introduction

Author

Lutz, Wolfgang, Prskawetz, Alexia, and Sanderson, Warren C.

Published
2002

49. Causal Analysis in Population Studies

Author

Engelhardt, Henriette, Kohler, Hans-Peter, Prskawetz, Alexia, Land, Kenneth, editor, Engelhardt, Henriette, editor, Kohler, Hans-Peter, editor, and Fürnkranz-Prskawetz, Alexia, editor

Published
2009
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