Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/194774
Authors: 
Shin, Inyong
Year of Publication: 
2018
Citation: 
[Journal:] Cogent Economics & Finance [ISSN:] 2332-2039 [Volume:] 6 [Year:] 2018 [Issue:] 1 [Pages:] 1-26
Abstract: 
This paper analyzes the effect of public pension system on lifespan and happiness level using optimal longevity model. This paper found the following. Public pension system can make life expectancy longer, however, the extension of lifespan caused by the public pension, not by own decision, cannot make happiness level higher. Under the government budget constraint, the public pension system cannot make the happiness level higher comparing to private savings. This paper concludes that the compulsory public pension system should be reconsidered because it does not contribute to well-being but raises various problems like aging population and income inequality.
Subjects: 
optimized life expectancy
lifetime utility level
health investments
public pension system
private savings
JEL: 
C61
H55
I31
Persistent Identifier of the first edition: 
Creative Commons License: 
https://creativecommons.org/licenses/by/4.0/
Document Type: 
Article

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