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Mortality,Life-Cycle Consumption and Individual Pensions
Pages: 35-49
Year: Issue:  4
Journal: The Journal of Quantitative & Technical Economics

Keyword:  Individual PensionsLife-Cycle ConsumptionMortalityInduced Effect;
Abstract: Based on the life-cycle consumption curve,we analyze the adjustment mechanism of individual pensions.Firstly,we find that the survival curve can describe the "consumption-age" curve,and construct the adjustment mechanism which can match the change of consumption with age.The new mechanism not only enhances efficiency of pension funds,but also alleviates the adverse effects of population aging on aggregate demand.Secondly,we analyze adjustment mechanism of individual pensions under government subsidies,and reveal its income effect and induced effect.More pension funds are used to provide pensions under the induced effect.
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