Optimal Pension Systems with Simple Instruments | Zendy

Mikhail Golosov | Zendy; Ali Shourideh | Zendy; Maxim Troshkin | Zendy; Aleh Tsyvinski | Zendy

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Optimal Pension Systems with Simple Instruments

Author(s) -

Mikhail Golosov,

Ali Shourideh,

Maxim Troshkin,

Aleh Tsyvinski

Publication year - 2013

Publication title -

american economic review

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 16.936

H-Index - 297

eISSN - 1944-7981

pISSN - 0002-8282

DOI - 10.1257/aer.103.3.502

Subject(s) - stylized fact , pension , economics , context (archaeology) , simple (philosophy) , welfare , work (physics) , social security , set (abstract data type) , pension system , social welfare , microeconomics , actuarial science , macroeconomics , computer science , finance , engineering , market economy , mechanical engineering , paleontology , philosophy , epistemology , biology , programming language , law , political science

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.

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