关键词: 三阶段世代交叠模型, 长寿风险, 经验-工资曲线, 干中学回报率

Abstract: This paper studies the impact of longevity risk on years of schooling, retirement age and long-run income of labor force based on the framework of three-stage Overlapping Generations Model and two-sector economic model. One’s life can be divided into three stages of education, working and retirement, and the curve of experience-earnings is set as the inverted U-shape. In this context, it studies the labor’s decisions on working-leisure and consumption-saving. According to our model, increasing in longevity risk will raise the years of schooling, postpone retirement age and thus increase the long-run income. At the same time, according to sensitivity analysis, the tax rate which the government exposes on the laborers will affect the individuals’ decisions more than longevity risk will. At last, policy suggestions is proposed according to the conclusions of the models.

Key words: Three-stage Overlapping Generations Model, Longevity Risk, Curve of Experience-earnings, Return on Learning by Doing