Suggested running head: Efficient Timing of Retirement. EFFICIENT TIMING (2007)
Geoffrey H. Kingston, Lisa Magnani, John Piggott, Sachi Purcal, David Throsby, Graham Voss, ...
A fundamental question in personal finance is deciding when to retire. This article is a theoretical investigation within a conventional life-cycle setting. It finds two closed-form solutions to the...
Developments in Retirement Provision: Global Trends and Lessons from Australia and the US (2000)
Oliva S. Mitchell and John Piggott argue that retirement systems should be conceived of as long-term financial contracts under which workers' contributions today are exchanged for benefits paid to...
Private Pensions in OECD Countries - Australia
As most other OECD Member countries had already done, Australia has, since 1991, supplemented an existing flat-rate universal (but means-tested) residence-based old-age pension by a compulsory...
The Determinants of Occupational Pensions
Hernæs, Erik, Piggott, John, Zhang, Tao, Strøm, Steinar
The decision by firms to offer an occupational pension is investigated with a unique linked employer-employee dataset, supplemented with detailed actuarial calculations of the cost to the firms of...
The Tax Unit and Household Production.
This paper challenges the conventional wisdom that, on efficiency grounds, taxing individuals is always preferred to taxing households in a progressive income tax. The reason is that tax design...
Socially Responsible Investment in Japanese Pensions
Henry Hongbo Jin, Olivia S. Mitchell, John Piggott
As the level of retirement-related assets has grown, so too has public and private interest in so-called "Socially Responsible Investment" (SRI), an investment strategy that employs criteria other...
Aged-Care Support in Japan: Perspectives and Challenges
Olivia S. Mitchell, John Piggott, Satoshi Shimizutani
This study explores economic aspects of the market for long term care (LTC) with a special focus on Japan. First, we describe the LTC system in Japan as presently implemented, and we highlight some...
Unlocking Housing Equity in Japan
Olivia S. Mitchell, John Piggott
Prior literature on asset patterns among the elderly often overlooks housing wealth as a determinant of retiree wealth, particularly in the Japanese context. Yet releasing equity in housing may be a...
Financial Innovation for an Ageing World
Olivia S Mitchell, John Piggott, Michael Sherris, Shaun Yow, Christopher Kent, Anna Park, ...
ageing; longevity risk; risk management; financial instruments; annuities; data provision
Financial Innovation for an Aging World
Olivia S. Mitchell, John Piggott, Michael Sherris, Shaun Yow
Over the last half-century, around the world, many nations have seen plummeting fertility rates and mounting life expectancies. These two factors are the engine behind unprecedented global aging. In...
Asset rich and cash poor: retirement provision and housing policy in Singapore
McCARTHY, DAVID, MITCHELL, OLIVIA S., PIGGOTT, JOHN
National defined contribution pension systems have long been a mainstay of retirement income in Asia. One of the oldest and best known of these systems is the Singaporean Central Provident Fund, a...
The Geometry of Life Annuities.
Kingston, Geoffrey, Piggott, John
Straightforward geometry can be used to explain the role for life annuities in smoothing individual consumption during retirement. In the aggregate, there is a surprising analogy with a standard...
The budgetary cost of any government program should be measured by its impact on the public sector budget balance, over its effective time frame. Typically, official cost estimates focus on the value...
Taxes, Retirement Transfers, and Annuities.
Bateman, Hazel, Kingston, Geoffrey, Piggott, John
In most countries, retirement benefits from pension saving must be taken as an annuity. By contrast, Australia allows benefits to be taken as a lump sum and instead has recently introduced various...
The Nation's Private Wealth--Some New Calculations for Australia.
Australia's aggregate nonhuman private wealth was $794 billion at the end of June 1985. Previous estimates have significantly under-valued Australia's wealth. At the end of June 1981 the...
Annuity Values in Defined Contribution Retirement Systems: Australia and Singapore Compared
Suzanne Doyle, Olivia S. Mitchell, John Piggott
Annuities promise to play an increasingly important role in countries with national defined contribution retirement systems. In this article we examine life annuities in two countries, Singapore and...
Published in: L.R. Klein and F. Lo (eds.), Modelling Global Change Tokyo, pp. 270-285
The Nation's Wealth: Some New Calculations for Australia
This paper has two related purposes. The first is to bring together and review a number of earlier studies, which have attempted to estimate the value of Australia's privately held wealth stock. The...
Interpreting Net Fiscal Incidence Calculations.
This paper evaluates calculations of net fiscal incidence, using an applied general equilibrium model of Australia into which public goods are incorporated. Results indicate that it is inappropriate...
LONGEVITY INSURANCE: A MISSING MARKET
ADAM CREIGHTON, HENRY HONGBO JIN, JOHN PIGGOTT, EMILIANO A. VALDEZ
More than half of the world's old live in Asia, and around 35% in India and China alone. As demographic transition proceeds regionally and globally, the development of a robust and reliable longevity...
Managing Public Investment Funds: Best Practices and New Challenges
Olivia S. Mitchell, John Piggott, Cagri Kumru
Large publicly-held pools of assets are playing an increasingly prominent role in the global investment arena. We compare three distinct forms of such public funds, namely foreign exchange reserve...
The Distribution of Wealth: What Is It, What Does It Mean, and Is It Important?
This paper summarises the available evidence on the present-day distribution of wealth in Australia, and draws comparison with international evidence. With this as background, I argue that an...
Public Good Provision Rules and Income Distribution: Some General Equilibrium Calculations.
A central issue in the analysis of public goods is the relationship between the optimal provision level and the distribution of income. Theoretical research has stressed the conditions under which...
The Tax Unit and Household Production
The conventional wisdom is that taxing individuals rather than households is superior from an efficiency point of view under progressive income taxation. This is because it leads to secondary...
VAT Base Broadening, Self Supply, and The Informal Sector
We develop a general equilibrium tax model to evaluate the impacts of equal yield base broadening in indirect taxes from high rate narrow based (typically manufactures) taxes to broad based taxes...
Annuity Values in Defined Contribution Retirement Systems: The Case of Singapore and Australia
Suzanne Doyle, Olivia S. Mitchell, John Piggott
In this paper we derive and compare the value of life annuity products in an international context. Our specific goal is to assess the money's worth and adverse selection impact of annuities in two...
Edgar Cudmore, John Piggott, John Whalley
In this paper we analyze income tax design in a two member household labor supply model where time spent on consumption together by the two household members is valued differently from time spent...
Developments in Retirement Provision: Global Trends and Lessons from Australia and the US
Olivia S. Mitchell, John Piggott
Retirement systems should be conceived of as long-term financial contracts under which workers' contributions today are exchanged for benefits paid to the elderly tomorrow. Such contracts are said to...
An Empirical Analysis of Patterns in the Japanese Long-Term Care Insurance System
Olivia S Mitchell, John Piggott, Satoshi Shimizutani
The recently enacted Japanese long-term care (LTC) system was implemented to reduce the so-called “social hospitalization” or warehousing of the elderly in expensive medical facilities. This...
Edgar Cudmore, John Piggott, John Whalley
In this paper we analyze income tax design in a two member household labor supply model where time spent on consumption together by the two household members is valued differently from time spent...
Managing public investment funds: best practices and new questions
MITCHELL, OLIVIA S., PIGGOTT, JOHN, KUMRU, CAGRI
Large publicly held pools of assets are playing an increasingly prominent role in the global investment arena. We compare three distinct forms of such public funds, namely foreign exchange reserve...
The Simple Analytics of a Pooled Annuity Fund
John Piggott, Emiliano A. Valdez, Bettina Detzel
This article provides a formal analysis of payout adjustments from a longevity risk-pooling fund, an arrangement we refer to as group self-annuitization (GSA). The distinguishing risk diffusion...
Explaining Low Annuity Demand: An Optimal Portfolio Application to Japan
Using an optimizing financial planning model in the tradition of Merton and Richard we explore how individuals should determine their life insurance and annuity choices, given uncertainty about...
Asset rich and cash poor: retirement provision and housing policy in Singapore
McCARTHY, DAVID, MITCHELL, OLIVIA S., PIGGOTT, JOHN
National defined contribution pension systems have long been a mainstay of retirement income in Asia. One of the oldest and best known of these systems is the Singaporean Central Provident Fund, a...
UK Tax Policy and Applied General Equilibrium Analysis
At the time of this volume’s publication in 1985, general equilibrium modelling had become a significant area of applied economic research. Its focus was to develop techniques to facilitate...
New Developments in Applied General Equilibrium Analysis
First published in 1985 and written by leading contributors to the field of general equilibrium analysis, this volume brings together developments in the field of applied general equilibrium...
Bateman,Hazel, Kingston,Geoffrey, Piggott,John
Forced Saving offers an analysis of pension policy from an economic perspective. It begins with an overview of the problem of population ageing around the world, and then provides a framework within...
Bateman,Hazel, Kingston,Geoffrey, Piggott,John
Forced Saving offers an analysis of pension policy from an economic perspective. It begins with an overview of the problem of population ageing around the world, and then provides a framework within...