FAIR RETIREMENT UNDER RISKY LIFETIME*
研究了寿命不确定下退休决策的公平性，比较了放任自由与平等主义社会最优，发现补偿不平等寿命的社会目标会导致退休年龄提高和消费随年龄递减。
A premature death unexpectedly brings a life and a career to their end, leading to substantial welfare losses. We study the retirement decision in an economy with risky lifetime and compare the laissez‐faire with egalitarian social optima. We consider two social objectives: (1) the maximin on expected lifetime welfare, allowing for a compensation for unequal life expectancies, and (2) the maximin on realized lifetime welfare, allowing for a compensation for unequal lifetimes. The latter optimum involves, in general, decreasing lifetime consumption profiles as well as raising the retirement age. This result is robust to the introduction of unequal life expectancies and unequal productivities.