Over the past 20 years, macroeconomists have incorporated more and more results from
behavioral economics into their models. We argue that doing so has helped fixed …

The economic models that prescribe Pigovian taxation as the first-best means of reducing
energy-related externalities are typically based on the neoclassical model of rational …

Against the background of aging societies and increasing life expectancies, the protection of
individuals from outliving their savings has become increasingly relevant. Annuities …

Pensions and population aging intersect in two ways. First, demographic change threatens
the sustainability of traditional pay-as-you-go social security pensions, leaving workplace …

Understanding migrants' status and socio-economic outcomes can help develop immigrant
societies. Household registration in China plays a vital role in migrants' status to provide an …

Replacing the pay-as-you-go defined benefit (PAYG DB) system with an at least partially
funded defined contribution (DC) system generates fiscal costs that need financing. The …

This paper examines the welfare angle of Pay As You Go (PAYG) type social security under
differential mortality among different income groups. Empirical evidence suggests that …

Severance savings accounts (SSA) is an important government program aimed at protecting
laid-off workers and stimulating savings. We analyze the distributive and aggregate effects of …

Reforming social security can improve efficiency and reduce future fiscal strain, emerging
with the rising old-age longevity. However, it generates transitory fiscal cost and reduces …

Means testing can balance the need to provide adequate retirement incomes with the
requirement that such provision is fiscally sustainable and economically efficient. Critics of …