养老保险制度内生激励机制与个人退休决策——理论与实证分析

The Endogenous Incentive Mechanism of Pension System and Individual Retirement Decision: Theoretical and Empirical Analysis

个人退休决策是在不确定性情况下追求自身效用最大化的过程。收入水平、个人账户养老金投资回报率、养老金待遇调整率、贴现率等参数影响个人的养老金财富规模,进而影响个人退休决策。本文基于养老金财富模型,分析了不同情境下不同年龄退休时的养老金财富规模和最佳退休年龄,认为在退休年龄政策调整过程中,要在充分考虑各方利益基础上达成"激励相容约束"的均衡状态:一方面要建立更加灵活的退休政策,另一方面调整养老保险制度参数,充分发挥其对于个人退休决策的内生激励作用。

Individual retirement decision is to maximize self utility under the condition of uncertainty. The parameters of pension system,including the income level,return rate of individual account pension,benefit adjustment rate,discount rate,influence the scale of pension wealth and then individual retirement decision. Based on the pension wealth model,this paper analyzed the scale of pension wealth and the optimal retirement age under the different scenarios. To reach the situation of 'incentive compatible constraint'is the feasible choice to adjust the retirement policy,which takes into account the individual ration and collective ration. This paper puts forwards some proposals: to build up the much more flexible retirement policy and to adjust the related parameters of pension system to release the endogenous incentive to the individual retirement decision.