nep-age New Economics Papers
on Economics of Ageing
Issue of 2025–03–24
thirteen papers chosen by
Claudia Villosio, LABORatorio R. Revelli
  1. Decentralized Annuity: A Quest for the Holy Grail of Lifetime Financial Security By Feng Runhuan; Liang Zongxia; Song Yilun
  2. Understanding Income Security for Older Adults - Rethink Social Protection and Jobs in an Actively Aging World By World Bank
  3. Risk Measures for DC Pension Plan Decumulation By Peter A. Forsyth; Yuying Li
  4. Aging and Health By Meriem Boudjadja; Sameera Maziad Al Tuwaijri; Seemeen Saadat
  5. Working Hours and Workers' Health: Evidence from a National Experiment in Sweden By Prodromidis, Nikolaos; Karlsson, Martin; Kühnle, Daniel
  6. Gifts that Bind By Angelini, Viola; Costa-Font, Joan; Ozcan, Berkay
  7. Productive Longevity By World Bank
  8. The Healthy Longevity Initiative By Sameera Altuwaijri; Prabhat Jha; George Alleyne; Paul Isenman; Seemeen Saadat; Gisela Garcia; Jeremy Veillard
  9. Unlocking the Power of Healthy Longevity By World Bank
  10. Gray Matters By World Bank
  11. Gender Gaps in Healthy Longevity By Seemeen Saadat; Meriem Boudjadja; Sameera Maziad Al Tuwaijri
  12. The Care Economy in Indonesia By World Bank
  13. Towards a Framework for impact pathways between NCDS, Human Capital and Healthy Longevity, Economic and Wellbeing Outcomes By Philip O’Keef; Victoria Haldane
  1. By: Feng Runhuan; Liang Zongxia; Song Yilun
    Abstract: This paper presents a novel framework for decentralized annuities, aiming to address the limitations of traditional pension systems such as defined contribution (DC) and defined benefit (DB) plans, while providing lifetime financial support. It sheds light on often ignored pitfalls within current retirement schemes and introduces individual rationality properties. The research delves into various fairness concepts that underpin existing plans, emphasizing that decentralized annuities, while meeting similar fairness criteria, offer enhanced flexibility for individual rationality and improved social welfare for all participants. Using theoretical models and examples, we demonstrate the potential of decentralized annuities to outperform self-managed plans (DC) and to produce effects comparable to defined benefit (DB) plans, particularly within larger participant pools. The paper concludes by exploring the managerial implications of decentralized annuities and laying the groundwork for the further advancement of equitable and sustainable decentralized annuity systems.
    Date: 2025–02
    URL: https://d.repec.org/n?u=RePEc:arx:papers:2502.13742
  2. By: World Bank
    Keywords: Public Sector Development Social Protections and Labor
    Date: 2025–01
    URL: https://d.repec.org/n?u=RePEc:wbk:wboper:42677
  3. By: Peter A. Forsyth; Yuying Li
    Abstract: As the developed world replaces Defined Benefit (DB) pension plans with Defined Contribution (DC) plans, there is a need to develop decumulation strategies for DC plan holders. Optimal decumulation can be viewed as a problem in optimal stochastic control. Formulation as a control problem requires specification of an objective function, which in turn requires a definition of reward and risk. An intuitive specification of reward is the total withdrawals over the retirement period. Most retirees view risk as the possibility of running out of savings. This paper investigates several possible left tail risk measures, in conjunction with DC plan decumulation. The risk measures studied include (i) expected shortfall (ii) linear shortfall and (iii) probability of shortfall. We establish that, under certain assumptions, the set of optimal controls associated with all expected reward and expected shortfall Pareto efficient frontier curves is identical to the set of optimal controls for all expected reward and linear shortfall Pareto efficient frontier curves. Optimal efficient frontiers are determined computationally for each risk measure, based on a parametric market model. Robustness of these strategies is determined by testing the strategies out-of-sample using block bootstrapping of historical data.
    Date: 2025–02
    URL: https://d.repec.org/n?u=RePEc:arx:papers:2502.16364
  4. By: Meriem Boudjadja; Sameera Maziad Al Tuwaijri; Seemeen Saadat
    Date: 2024–09
    URL: https://d.repec.org/n?u=RePEc:wbk:wboper:42146
  5. By: Prodromidis, Nikolaos (University of Duisburg-Essen); Karlsson, Martin (University of Duisburg-Essen); Kühnle, Daniel (University of Duisburg-Essen)
    Abstract: Despite the importance of regulating working hours for workers' health and maintaining labour productivity, the literature lacks credible causal estimates on the impact of reduced working hours. We provide new evidence for the causal effect of shorter workweeks on mortality using full population register data, exploiting a nationwide policy in Sweden that reduced the weekly working hours from 55 to 48 hours for certain occupations only in 1920. Using difference-in-differences and event-study models, we show that lower working hours decreased mortality by around 15% over the first six years. We identify several mechanisms behind this effect: the policy led to fewer workplace accidents, a decline in work-related disability, and a reduction in sick days taken by employees. Causal forest estimators indicate particularly strong effects for older workers. Our results imply that many lives could be saved worldwide by reducing long working hours for labour-intensive occupations.
    Keywords: working hours, employment legislation, mortality, Sweden
    JEL: I18 I18 J10 J81 N14
    Date: 2025–02
    URL: https://d.repec.org/n?u=RePEc:iza:izadps:dp17707
  6. By: Angelini, Viola (University of Groningen); Costa-Font, Joan (London School of Economics); Ozcan, Berkay (London School of Economics)
    Abstract: We study whether receiving a monetary gift from parents increases the intensity of parent-child social contact. We use unique longitudinal data that follows adult children and their older parents for more than a decade (between 2004 and 2015) across various European countries. We first document that bequests, being more visible and subject to legal restrictions on their division, tend to be equalized among children, whereas gifts are less conspicuous and often unevenly distributed. Leveraging the exogenous variation induced by fiscal incentives resulting from inheritance tax legislation reforms, we use an instrumental variable (IV) and an endogenous treatment strategy to investigate the effect of gift-giving on parent-child social contact. Our findings suggest that financial transfers from parents to children lead to an increase in the intensity of parent-child interactions. We estimate that the receipt of a gift gives rise to a 12% increase in social contact.
    Keywords: gift giving, inter-vivos transfers, upstream social contact, inheritance tax-reforms, inheritance tax, gifts, bequests Europe
    JEL: J14 H29
    Date: 2025–02
    URL: https://d.repec.org/n?u=RePEc:iza:izadps:dp17706
  7. By: World Bank
    Keywords: Macroeconomics and Economic Growth-Financial Economics Social Protections and Labor-Labor Markets Social Protections and Labor-Skills Development and Labor Force Training Finance and Financial Sector Development Social Protections and Labor Governance-International Governmental Organizations
    Date: 2024–12
    URL: https://d.repec.org/n?u=RePEc:wbk:wboper:42559
  8. By: Sameera Altuwaijri; Prabhat Jha; George Alleyne; Paul Isenman; Seemeen Saadat; Gisela Garcia; Jeremy Veillard
    Date: 2024–09
    URL: https://d.repec.org/n?u=RePEc:wbk:wboper:42143
  9. By: World Bank
    Keywords: Health, Nutrition and Population-Population & Development Health, Nutrition and Population-Country Population Profiles Health, Nutrition and Population-Demographics
    Date: 2024–09
    URL: https://d.repec.org/n?u=RePEc:wbk:wboper:42141
  10. By: World Bank
    Keywords: Social Protections and Labor-Disability Industry-Health Care Services Industry Social Protections and Labor-Social Protections & Assistance
    Date: 2024–12
    URL: https://d.repec.org/n?u=RePEc:wbk:wboper:42560
  11. By: Seemeen Saadat; Meriem Boudjadja; Sameera Maziad Al Tuwaijri
    Date: 2024–09
    URL: https://d.repec.org/n?u=RePEc:wbk:wboper:42145
  12. By: World Bank
    Keywords: Gender-Gender and Economics Gender-Gender and Education Gender-Gender and Health Social Protections and Labor-Labor Markets
    Date: 2024–08
    URL: https://d.repec.org/n?u=RePEc:wbk:wboper:42038
  13. By: Philip O’Keef; Victoria Haldane
    Date: 2024–09
    URL: https://d.repec.org/n?u=RePEc:wbk:wboper:42144
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