Title :
Dynamic decision making in social security system
Author :
Liu, Wei-bing ; Li, Min
Author_Institution :
Sch. of Political Sci. & Public Manage., Wuhan Univ., Wuhan, China
Abstract :
This paper studies the decision behavior of workers and characteristics of retirement age in social security system. Based on overlapping-generation model and Markov decision process, this paper constructs a dynamic decision model for social security system. In this model, workers choose their optimal retirement age taking into account the current social security system. In addition, this paper analyzes the equilibrium results. In the end, experiment simulation shows that social security system has some effects on the retirement behavior of workers.
Keywords :
Markov processes; behavioural sciences; decision making; Markov decision process; decision behavior; dynamic decision making; overlapping generation model; social security system; Biological system modeling; Economics; Markov processes; Numerical models; Pensions; Retirement; Security; Markov process; decision making; overlapping-generation model; social security;
Conference_Titel :
Management Science and Industrial Engineering (MSIE), 2011 International Conference on
Conference_Location :
Harbin
Print_ISBN :
978-1-4244-8383-9
DOI :
10.1109/MSIE.2011.5707509