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Economics of Ageing Workshop 2019


Economics of Ageing Workshop 2019

and Journal of the Economics of Ageing special issue on ‘Resources in Retirement’

24 - 25 June 2019,  University of New South Wales, Sydney, Australia

Hosted by the ARC Centre of Excellence in Population Ageing Research (CEPAR) as part of the Next World Program

Scientific Board

David E. Bloom, Harvard T.H. Chan School of Public Health, USA

Wang Feng, Fudan University, China

Hans Groth, WDA Forum, Switzerland

Christian Köpe, Galenica, Switzerland

John Piggott, CEPAR, UNSW, Australia

Alfonso Sousa-Poza, University of Hohenheim, Germany

Local Academic Committee

Hazel Bateman, CEPAR, UNSW 

Isabella Dobrescu, CEPAR, UNSW 

Anne Gordon, CEPAR, UNSW 

Mike Keane, CEPAR, UNSW 


John Piggott, CEPAR, UNSW

Alan Woodland, CEPAR, UNSW


Perhaps the single most important policy domain in the context of an ageing demographic revolves around the resources available for older cohorts as they withdraw from the labour force. In developed countries, there is major reliance on publicly funded retirement programs, along with increasing development of policies to support those requiring care in their last years. These requirements, magnified by burgeoning older cohorts, raise critical questions around how retirement policy – both public transfer design and regulation of private pensions – can be designed or reformed to best trade off retirement income adequacy against fiscal stress. Demands for subsidised long-term care support raise corresponding, though distinct, issues.

Emerging economies, many of which are ageing very rapidly while still facing relatively low per capita incomes, confront different issues. Large informal sectors mean that many people lie outside the reach of any formal program of support, while urbanisation means that traditional family support is breaking down. 

This workshop will address these issues, and will feature keynote lectures by Kathleen McGarry, Professor of Economics at UCLA and Research Associate at NBER, as well as Michael Keane, Professor of Economics and CEPAR Chief Investigator at UNSW Sydney.

A selection of the papers presented by academic experts at this workshop will be published in the special issue on ‘Resources in Retirement’ of the Journal of the Economics of Ageing.



08:30 – 09:00

Arrival and registration

09:00 – 09:15

Welcome address and opening remarks

John Piggott, CEPAR Director, Scientia Professor of Economics, UNSW Sydney

Chris Styles, Dean UNSW Business School

09:15 – 10:30

Keynote lecture: A Proposal to Streamline the Age Pension

Michael Keane, CEPAR Chief Investigator, ARC Laureate Fellow, Professor of Economics, UNSW Sydney

10:30 – 11:00

Morning Tea

11:00 – 13:00


11:00 – 12:00

Tenure Choice, Portfolio Structure and Long-Term Care - Optimal Risk Management in Retirement

Hans Fehr (University of Wuerzburg, Netspar and CESifo), Maurice Hofmann  (University of Wuerzburg)


Discussant: George Kudrna, CEPAR, UNSW Sydney

12:00 – 13:00

Retirement Savings and Real Estate Purchases

Monika Bütler, Katharina E. Hofer, Sabrina Stadelmann (all University of St. Gallen)


Discussant: Geni Dechter, School of Economics, UNSW Sydney

13:00 – 14:00


14:00 – 16:00


14:00 – 15:00

Leaving Money on the Table? Suboptimal Enrollment in the New Social Pension Program in China

Xi Chen (Yale University), Lipeng Hu (Peking University), Jody L. Sindelar (Yale University)


Discussant: Katja Hanewald, CEPAR, UNSW Sydney

15:00 – 16:00

Social Security Expansion and Neighborhood Cohesion: Evidence from Community-Living Older Adults in China

Elizabeth Bradley (Yale University), Xi Chen (Yale University), Gaojie Tang (Shanghai University of Finance and Economics)


Discussant: Gigi Foster, School of Economics, UNSW Sydney

16:00 – 16:30

Afternoon tea

16:30 – 18:30


16:30 – 17:30

Taking Control: Active Investment Choice in Singapore’s National Defined Contribution Scheme

Joelle H. Fong (National University of Singapore)


Discussant: Hazel Bateman, CEPAR, UNSW Sydney

17:30 – 18:30

The Influence of the Old-Age Retirement on Health: Causal Evidence from the Finnish Register Data

Tero Kuusi (The Research Institute of the Finnish Economy), Pekka Martikainen (University of Helsinki), Tarmo Valkonen (The Research Institute of the Finnish Economy)


Discussant: Michele De Nadai, School of Economics, UNSW Sydney



08:30 – 09:00


09:00 – 09:05

Opening remarks

09:05 – 10:20


Keynote lecture: Understanding Long-Term Care

Kathleen McGarry, Professor of Economics, UCLA; Research Associate, NBER  

10:20 – 10:50


Morning Tea

10:50 – 12:50



10:50 – 11:50


Health Inequality among Chinese Older Adults: The Role of Childhood Circumstances

Binjian Yan (Nanjing Agricultural University and Yale University), Xi Chen (Yale University); Thomas M. Gill (Yale University)


Discussant: Arpita Chatterjee, School of Economics, UNSW Sydney


11:50 – 12:50


The Impact of Cash Transfers on Child Outcomes in Rural Thailand: Evidence from a Social Pension Reform

Tabea Herrmann (University of Hannover), Attakrit Leckcivilize (University of Aberdeen), Juliane Zenker (University of Goettingen)


Discussant: Sarah Walker, School of Economics, UNSW Sydney


12:50 – 14:30




Lunch lecture - Fertility: International Perspective and Impacts on Population Ageing/Economic Growth

Peter McDonald, CEPAR Chief Investigator, Professor of Demography, University of Melbourne


14:30 – 15:30



14:30 – 15:30


A Dynamic Behavioral Model of Korean Saving, Work, and Retirement Decisions

David Knapp (RAND Corporation), Krishna Kumar (RAND Corporation), Jinkook Lee (University of Southern California), Italo Lopez Garcia (RAND Corporation), Jongwook Won (Korean Institute of Health and Social Affairs [KIHASA])


Discussant: Timothy Neal, CEPAR, UNSW Sydney


15:30 – 16:00



Journal of the Economics of Ageing special issue on Resources in Retirement
Alfonso Sousa-Poza, Professor of Economics, University of Hohenheim (per videoconference)



Closing remarks



About the Next World Program

The Next World Program is a joint initiative of Harvard University’s Program on the Global Demography of Aging, the WDA Forum, Stanford University’s AHPP and the Fudan University’s Comparative Aging Societies. These institutions organise an annual workshop and a special issue in the Journal of the Economics of Ageing on an important economic theme related to ageing societies.


The ARC Centre of Excellence in Population Ageing Research (CEPAR) is a unique collaboration between academia, government and industry, committed to delivering solutions to one of the major social challenges of the 21st century. Funded by the Australian Research Council (ARC) through the Centres of Excellence scheme, CEPAR’s research is providing global solutions to the economic and social challenges of population ageing and building a new generation of researchers to global standard with an appreciation of the multidisciplinary nature of population ageing. The Centre is based at the University of New South Wales (UNSW) with nodes at The Australian National University (ANU), Curtin University, The University of Melbourne and The University of Sydney.

Direct event or media enquiries to: Silke Weiss

Supported by


Monday, June 24, 2019 - 09:00
End date: 
Tuesday, June 25, 2019 - 17:00
Tyree Room, John Niland Scientia Building, UNSW Sydney