Optimal Pension Systems with Simple Instruments
研究了在允许内生决定工作量和退休年龄的生命周期环境中，依赖简单政策工具的最优养老金制度，以在成本不变下最大化社会福利。
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.