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date: 25 August 2019

Abstract and Keywords

This article proceeds in six steps. First, it discusses alternative models of the relationship between productivity, compensation, and age, focusing on the human-capital model and long-term incentive contracts. Second, the article considers workers' retirement behaviour in these models, as well as employers' interests in retirement and job tenure, and the role of pensions in influencing retirement and tenure. Third, because the alternative models of the relationship between productivity, compensation, and age have different implications for retirement and pensions, it presents evidence on the alternative models. Fourth, the article examines the role of public policy regarding age discrimination and mandatory retirement, which can influence the productivity–compensation–retirement nexus. Fifth, it summarizes changes in pensions in the United States. And sixth, the article considers the possible implications of the shifts in pensions in the United States in light of the role that pensions play in the links between productivity, compensation, and retirement.

Keywords: retirement behaviour, productivity, job tenure, compensation, United States, public policy

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