MODELING A FLEXIBLE RETIREMENT AGE TO NARROW PENSION GAP: THE CASE OF CHINA

2019 ◽  
pp. 1-21
Author(s):  
YALI LIU ◽  
MEIYING YANG ◽  
HAITAO ZHENG ◽  
YUNYUN JIANG ◽  
DONGFANG GU
Keyword(s):  
Life Expectancy ◽  
Empirical Studies ◽  
Closed Form Solution ◽  
Form Solution ◽  
Retirement Age ◽  
Retirement Benefits ◽  
Flexible Retirement ◽  
The Future ◽  
Incentive Strategies ◽  
Pension Benefits

With the relatively fixed retirement age, the dramatic increase in life expectancy and the sharp decline in fertility have caused a serious aging problem and an unsustainable pension crisis. It is therefore necessary to design flexible retirement benefits rules that consider life expectancy. By introducing the lifetime utility optimization model, the closed-form solution for the flexible retirement age is obtained. Pension benefits incentive strategies are constructed to encourage contributors to choose a retirement age that is beneficial toward narrowing the pension gap. The empirical studies show that China will face a serious pension gap in the future if the current statutory retirement age is not adjusted. If the retirement age is delayed according to life expectancy, the future pension gap will be greatly reduced.

scholarly journals Efficient Optimization ofF-Measure with Cost-Sensitive SVM

2016 ◽  
Vol 2016 ◽  
pp. 1-11 ◽  
Author(s):  
Fan Cheng ◽  
Yuan Zhou ◽  
Jian Gao ◽  
Shuangqiu Zheng
Keyword(s):  
Large Scale ◽  
Line Search ◽  
Performance Metrics ◽  
Empirical Studies ◽  
Closed Form Solution ◽  
Form Solution ◽  
Bundle Method ◽  
Additional Line ◽  
Direct Optimization ◽  
Current State

F-measure is one of the most commonly used performance metrics in classification, particularly when the classes are highly imbalanced. Direct optimization of this measure is often challenging, since no closed form solution exists. Current algorithms design the classifiers by using the approximations to theF-measure. These algorithms are not efficient and do not scale well to the large datasets. To fill the gap, in this paper, we propose a novel algorithm, which can efficiently optimizeF-measure with cost-sensitive SVM. First of all, we present an explicit transformation from the optimization ofF-measure to cost-sensitive SVM. Then we adopt bundle method to solve the inner optimization. For the problem where the existing bundle method may have the fluctuations in the primal objective during iterations, an additional line search procedure is involved, which can alleviate the fluctuations problem and make our algorithm more efficient. Empirical studies on the large-scale datasets demonstrate that our algorithm can provide significant speedups over current state-of-the-artF-measure based learners, while obtaining better (or comparable) precise solutions.

scholarly journals Designing benefit rules for flexible retirement: Welfare vs. redistribution

2011 ◽  
Vol 61 (1) ◽  
pp. 3-32 ◽  
Author(s):  
P. Eső ◽  
A. Simonovits ◽  
J. Tóth
Keyword(s):  
Life Expectancy ◽  
Social Welfare ◽  
Incentive Compatibility ◽  
Retirement Age ◽  
Second Best ◽  
Flexible Retirement ◽  
Individual Incentive ◽  
Scalar Multiple ◽  
The Government ◽  
The Individual

With flexible (variable) retirement every individual determines his optimal retirement age, depending on a common benefit-retirement age schedule and his life expectancy. The government maximises the average expected lifetime utility minus a scalar multiple of the variance of the lifetime pension balances to achieve harmony between the maximisation of welfare and the minimisation of redistribution. Since the government cannot identify types by life expectancy, it must take the individual incentive compatibility constraints into account. Second-best schedules strongly reduce the variances of benefits and of retirement ages of the so-called actuarially fair system, thus achieving higher social welfare and lower redistribution.

scholarly journals Coping with Spain's aging: retirement rules and incentives

2009 ◽  
Vol 9 (4) ◽  
pp. 549-581 ◽  
Author(s):  
MARIO CATALÁN ◽  
JAIME GUAJARDO ◽  
ALEXANDER W. HOFFMAISTER
Keyword(s):  
Life Expectancy ◽  
Demographic Transition ◽  
Welfare Effects ◽  
Work Life ◽  
Substitution Effects ◽  
Retirement Age ◽  
Spanish Economy ◽  
Pension Reforms ◽  
Long Run ◽  
Pension Benefits

AbstractThis paper evaluates the macroeconomic and welfare effects of extending the averaging period used to calculate pension benefits in a pay-as-you-go system. It also examines the complementarities between reforms extending the averaging period and those increasing the retirement age under alternative tax policies. The analysis applies a model in the Auerbach-Kotlikoff tradition to the Spanish economy. Extending the averaging period to the entire work life maximizes long-run welfare and limits expenditure pressures at the peak of the demographic shock as much as increasing the retirement age in line with life expectancy. Moreover, during the demographic transition, pension reforms induce intertemporal labor substitution effects that engender aggregate labor cycles.

The Role of Immigration in the Retirement Age Reform : A Theoretical Analysis

2005 ◽  
Vol 5 (1) ◽  
Author(s):  
Francisco Lagos ◽  
Juan Lacomba
Keyword(s):  
Host Population ◽  
Pension Scheme ◽  
Retirement Age ◽  
Immigrant Labor ◽  
Overlapping Generations Model ◽  
Retirement Benefits ◽  
Skilled Immigrant ◽  
Pension Benefits ◽  
Legal Retirement Age

AbstractThis paper examines the role played by the low-skilled immigrant labor force in countries aiming to reform their public pensions systems by postponing the pensionable age. With an overlapping-generations model in continuous time and a fully redistributive pension scheme, the arrival of immigrants affects the retirement benefits of the host population in a different manner according to whether they share or not pension benefits. Our results suggest that governments attempting to delay the legal retirement age should take into account the effect of immigration on the optimal retirement age of native individuals.

scholarly journals Progressive Pension Formula and Life Expectancy Heterogeneity

Risks ◽  
2021 ◽  
Vol 9 (7) ◽  
pp. 127
Author(s):  
Keivan Diakite ◽  
Pierre Devolder
Keyword(s):  
Life Expectancy ◽  
Pension Reform ◽  
Empirical Studies ◽  
Active Part ◽  
Pension Benefit ◽  
Point System ◽  
Defined Benefit ◽  
Retirement Benefits ◽  
Lifetime Income ◽  
Demographic Context

An increasing number of empirical studies have shown a positive relationship between lifetime income and life expectancy at retirement. One’s income during the active part of one’s career translates into the amount of retirement benefits one might receive, leading to actuarial unfairness inside cohorts of retirees. In order to discuss unfairness and sustainability issues, the Belgium pension reform committee issued a proposal for a point system designed to be both sustainable and adequate. In this paper, we use a similar defined benefit framework in order to set out a compensation mechanism linked to life expectancy heterogeneity during the active part of the career, aiming to reduce unfairness once reaching retirement. This method is based on the progressivity of pension benefit formulae. We implement these ideas in a simple demographic context in order to capture the constraints related to the model.

Delay Discounting in Impulsive Behavior

2019 ◽  
Vol 24 (4) ◽  
pp. 312-321 ◽  
Author(s):  
Diana Moreira ◽  
Fernando Barbosa
Keyword(s):  
Delay Discounting ◽  
Human Subjects ◽  
Empirical Studies ◽  
Cochrane Collaboration ◽  
Initial Assessment ◽  
Impulsive Behavior ◽  
Manual Search ◽  
Study Results ◽  
Depth Analysis ◽  
The Future

Abstract. Delay discounting (DD) is the process of devaluing results that happen in the future. With this review, we intend to identify specificities in the processes of DD in impulsive behavior. Studies were retrieved from multiple literature databases, through rigorous criteria (we included systematic reviews and empirical studies with adult human subjects), following the procedures of the Cochrane Collaboration initiative. Of the 174 documents obtained, 19 were considered eligible for inclusion and were retained for in-depth analysis. In addition, 13 studies from the manual search were included. Thus, a total of 32 studies were selected for review. The objectives/hypotheses, results, and the main conclusion(s) were extracted from each study. Results show that people with pronounced traits of impulsivity discount rewards more markedly, that is, they prefer immediate rewards, though of less value, or postponed losses, even though they worsen in the future. Taken together, the existing data suggest the importance of inserting DD as a tool for initial assessment in conjunction with measures of addiction and stress level, as well as the consideration of new therapies.

On a Closed-Form Solution of Prandtl's System of Equations

2013 ◽  
Vol 40 (2) ◽  
pp. 106-114
Author(s):  
J. Venetis ◽  
Aimilios (Preferred name Emilios) Sideridis
Keyword(s):  
Closed Form ◽  
Closed Form Solution ◽  
Form Solution ◽  
System Of Equations

Plane Wave Resonance in the Tire Air Cavity as a Vehicle Interior Noise Source

1995 ◽  
Vol 23 (1) ◽  
pp. 2-10 ◽  
Author(s):  
J. K. Thompson
Keyword(s):  
Closed Form Solution ◽  
Form Solution ◽  
Interior Noise ◽  
Cavity Resonance ◽  
Test Results ◽  
Vehicle Interior ◽  
Air Cavity ◽  
Vehicle Interior Noise ◽  
Wave Resonance ◽  
Resonance Frequencies

Abstract Vehicle interior noise is the result of numerous sources of excitation. One source involving tire pavement interaction is the tire air cavity resonance and the forcing it provides to the vehicle spindle: This paper applies fundamental principles combined with experimental verification to describe the tire cavity resonance. A closed form solution is developed to predict the resonance frequencies from geometric data. Tire test results are used to examine the accuracy of predictions of undeflected and deflected tire resonances. Errors in predicted and actual frequencies are shown to be less than 2%. The nature of the forcing this resonance as it applies to the vehicle spindle is also examined.

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