Optimal retirement age, leisure and consumption

doi:10.1016/j.econmod.2014.09.002

CORC > 上海财经大学 > 上海财经大学

	Optimal retirement age, leisure and consumption
	Mao, Hong 1; Ostaszewski, Krzysztof M.2; Wang, Yuling 3
刊名	ECONOMIC MODELLING
	2014-12
卷号	43 页码:458-464
关键词	Retirement age Life cycle model Social Security Leisure Consumption
ISSN号	0264-9993
DOI	10.1016/j.econmod.2014.09.002
英文摘要	In this paper, we study the determination of optimal retirement age, optimal leisure time, and optimal consumption, and we also analyze their relationships using an optimal control theory. We establish a life cycle model and analyze the factors of consumption, leisure, saving, mortality and retirement behaviors simultaneously with an orthogonal-array experimental design. Our results show that the initial salary level and the growth rate of salary are the most important determining factors of the optimal retirement age. The initial consumption level and the interest rate are also important factors affecting optimal retirement age. The mortality improvement has a minor effect on the optimal retirement age. The effects of the Social Security on the optimal retirement age depend on the Social Security tax and the level of Social Security benefit. (C) 2014 Elsevier B.V. All rights reserved.
WOS研究方向	Business & Economics
语种	英语
出版者	ELSEVIER SCIENCE BV
WOS记录号	WOS:000345807300045
内容类型	期刊论文
源URL	[http://10.2.47.112/handle/2XS4QKH4/1651]
专题	上海财经大学
通讯作者	Wang, Yuling
作者单位	1.Shanghai Second Polytech Univ, Sch Business, Shanghai, Peoples R China; 2.Illinois State Univ, Normal, IL 61790 USA; 3.Shanghai Univ Finance & Econ, Sch Finance, Shanghai 200433, Peoples R China
推荐引用方式 GB/T 7714	Mao, Hong,Ostaszewski, Krzysztof M.,Wang, Yuling. Optimal retirement age, leisure and consumption[J]. ECONOMIC MODELLING,2014,43:458-464.
APA	Mao, Hong,Ostaszewski, Krzysztof M.,&Wang, Yuling.(2014).Optimal retirement age, leisure and consumption.ECONOMIC MODELLING,43,458-464.
MLA	Mao, Hong,et al."Optimal retirement age, leisure and consumption".ECONOMIC MODELLING 43(2014):458-464.