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Occupational Retirement and Social Security Reform: the Roles of Physical and Cognitive Health

发布日期:2021-09-13设置

【主题】Occupational Retirement and Social Security Reform: the Roles of Physical and Cognitive Health

【报告人】文家奕(厦门大学经济学院及王亚南经济研究院助理教授)

【时间】915日(星期)2:00-3:30 p.m.

参会链接https://us02web.zoom.us/j/84380058130

【密码】945525

【语言】英文

【摘要】During the past decades, jobs become less physically demanding whereas require more cognitive abilities, but existing studies rarely discuss the retirement implications of the cognitive dimension of health, neither the heterogeneous role of physical and cognitive health across occupations. This paper first documents occupational difference in ability requirements, age-profiles of physical and cognitive health, as well as their interactions in associating with retirement. Based on these facts, I propose and estimate a dynamic structural model of individual retirement and saving decisions, incorporating both physical and cognitive dimensions of health and allowing their retirement effects to differ across occupations via four channels respectively: leisure, wage, medical expenditure and life expectancy. I use indirect inference for estimation, using variants of auxiliary models to exploit either pooled variations or only within-individual variations to identify the model. The counterfactual results suggest cognitive health has minimal retirement effect for manual workers, whereas for clerical workers it is as vital as physical health. Leisure and life expectancy are more important channels. When retirement age increases, manual workers would actually delay retirement more than professionals. This is not due to their health capacity but instead to their financial rigidity in deciding when to retire, inducing unequal welfare loss.