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Occupational Retirement and Pension Reform: The Roles of Physical and Cognitive Health

id:2390 时间:20181204 状态: 点击数:
作者Jiayi Wen
正文Despite increasing cognitive demands of jobs, knowledge about the role of health in retirement has centered on its physical dimensions. This paper estimates a dynamic programming model of retirement that incorporates multiple health dimensions, allowing differential effects on labor supply across occupations. Results show that the effect of cognitive health surges exponentially after age 65, and it explains a notable share of employment declines in cognitively demanding occupations. Under pension reforms, physical constraint mainly impedes manual workers from delaying retirement, whereas cognitive constraint dampens the response of clerical and professional workers. Multidimensional health thus unevenly exacerbates welfare losses across occupations.
JEL-Codes:D15; I10; J2; J26; H55
关键词:Cognitive Health; Physical Health; Occupation; Retirement; Public Pension
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