递延公共年金的最优性
On the optimality of deferred public annuities
Journal of Public Economics · 2026 · [{"name": "Liran Einav", "affiliation": ["Stanford University"]}, {"name": "Amy Finkelstein", "affiliation": ["IIT@MIT"]}]
中文摘要
对于一名已退休、拥有一定财富存量、面临随机死亡率、无法获得年金且没有遗赠偏好的个人而言，社会保障福利的最优路径是什么？答案是一种递延年金：政府年金在若干时期内支付为零，此后支付固定金额。递延期的最优长度随退休者的初始财富及其生存概率的提高而增加。
Abstract
What is the optimal path of Social Security benefits for an individual who has retired with a stock of wealth, faces stochastic mortality, and has no access to annuities and no preferences for bequests? It is a deferred annuity in which the government annuity pays out zero for some periods and a constant amount after that. The optimal length of the deferral period increases with the retiree’s initial wealth and their survival probability.