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Chapter Two reviews the impact on retirement decisions of forced savings, the use of an earnings or retirement test, mandated annuitization, recognizing heterogeneity in both life expectancy and possibly in risk classification for annuity pricing, and treatment of the family, particularly the use of joint-life annuitization. Also reviewed is the impact on labor supply at younger ages, considering mandatory savings and annuitization, contrasting defined benefit and defined contribution systems, and analysing alternative approaches to redistribution within social security. The final chapter…mehr

Produktbeschreibung
Chapter Two reviews the impact on retirement decisions of forced savings, the use of an earnings or retirement test, mandated annuitization, recognizing heterogeneity in both life expectancy and possibly in risk classification for annuity pricing, and treatment of the family, particularly the use of joint-life annuitization. Also reviewed is the impact on labor supply at younger ages, considering mandatory savings and annuitization, contrasting defined benefit and defined contribution systems, and analysing alternative approaches to redistribution within social security. The final chapter covers issues of aggregate capital accumulation and risk-sharing, with the latter including the risks in annuitization, in the returns to capital, and in aggregate earnings. Also considered are the risks in the political process.
Social security reform is a hot topic in many countries -- one which leads to much debate (and some widespread agreement) among economists. In this book, Peter Diamond explores social security policy, social security and the labour market, and social security and the capital market from an economic point of view.
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Autorenporträt
Peter Diamond is Institute Professor of Economics at the Massachusetts Institute of Technology. He has previously held the positions of Associate Professor, 1966-70; Professor, 1970-88; John and Jennie S. MacDonald Professor, 1989-91; and Paul A. Samuelson Professor, 1992-97 at the same institution. He was also Head of the Economics Department from 1985-6.