{"title":"Work, Retire, Repeat: The Uncertainty of Retirement in the New Economy, by Teresa Ghilarducci (University of Chicago Press, Chicago, 2024), pp. 260","authors":"Nga Pham","doi":"10.1111/1475-4932.12841","DOIUrl":"https://doi.org/10.1111/1475-4932.12841","url":null,"abstract":"","PeriodicalId":47484,"journal":{"name":"Economic Record","volume":"100 331","pages":"573-575"},"PeriodicalIF":1.1,"publicationDate":"2024-10-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142868547","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Circular Economies in an Unequal World: Waste, Renewal, and the Effects of Global Circularity, by Patrick O'Hare and Dagna Rams (Editors) (Bloomsbury Academic, London, 2024), 240 pages + viii front matter","authors":"Alexander Emile D'Aloia","doi":"10.1111/1475-4932.12837","DOIUrl":"https://doi.org/10.1111/1475-4932.12837","url":null,"abstract":"","PeriodicalId":47484,"journal":{"name":"Economic Record","volume":"100 331","pages":"583-585"},"PeriodicalIF":1.1,"publicationDate":"2024-10-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142868556","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We investigate the interaction between Age Pension means testing and innovative income streams in Australia, considering the use of an investment-linked annuity that allows a choice of drawdown level. We find that current means testing arrangements incentivise a very specific usage of investment-linked annuities that is not materially impacted by individual characteristics or fees, due to incoherencies across the income test and assets test. We investigate alternative means test structures, including a structure that includes only an income test and incorporates capital consumption by adjusting taper rates with age according to an annuitisation schedule. This structure removes the distortions impacting annuity usage, generates the most stable Age Pension over lifetime, encourages drawdown of assets over retirement and more accurately reflects the means of retirees to generate an income at each age.
{"title":"Interaction Between Age Pension Means Testing and Innovative Income Streams in Australia*","authors":"Wenqi Ai, Adam Butt, Gaurav Khemka","doi":"10.1111/1475-4932.12832","DOIUrl":"https://doi.org/10.1111/1475-4932.12832","url":null,"abstract":"<p>We investigate the interaction between Age Pension means testing and innovative income streams in Australia, considering the use of an investment-linked annuity that allows a choice of drawdown level. We find that current means testing arrangements incentivise a very specific usage of investment-linked annuities that is not materially impacted by individual characteristics or fees, due to incoherencies across the income test and assets test. We investigate alternative means test structures, including a structure that includes only an income test and incorporates capital consumption by adjusting taper rates with age according to an annuitisation schedule. This structure removes the distortions impacting annuity usage, generates the most stable Age Pension over lifetime, encourages drawdown of assets over retirement and more accurately reflects the means of retirees to generate an income at each age.</p>","PeriodicalId":47484,"journal":{"name":"Economic Record","volume":"100 331","pages":"533-567"},"PeriodicalIF":1.1,"publicationDate":"2024-10-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1475-4932.12832","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142868405","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Trade-Offs: An Introduction to Economic Reasoning, Third Edition, by Harold Winter (The University of Chicago Press, Chicago and London, 2023), pp. 193","authors":"Leigh Moran","doi":"10.1111/1475-4932.12833","DOIUrl":"https://doi.org/10.1111/1475-4932.12833","url":null,"abstract":"","PeriodicalId":47484,"journal":{"name":"Economic Record","volume":"100 331","pages":"575-576"},"PeriodicalIF":1.1,"publicationDate":"2024-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142869141","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Statistics for Public Policy: A Practical Guide to Being Mostly Right (or At Least Respectably Wrong), by Jeremy G. Weber (University of Chicago Press, Chicago, IL, 2024), pp. 1–185","authors":"Mark Badger, Björn Dressel","doi":"10.1111/1475-4932.12835","DOIUrl":"https://doi.org/10.1111/1475-4932.12835","url":null,"abstract":"","PeriodicalId":47484,"journal":{"name":"Economic Record","volume":"100 331","pages":"578-581"},"PeriodicalIF":1.1,"publicationDate":"2024-09-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142869217","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We study how housing market conditions shape the housing careers of Australians. Utilising data from the Australian Census spanning from 1991 to 2021, we observe significant differences in ownership rates at age 30 across birth cohorts. Moreover, these differences widen significantly as housing affordability falls. Using synthetic cohort techniques, we evaluate the persistence of these differences. Our results reveal that while the homeownership rates of younger cohorts ‘catch up’ somewhat with those of their older counterparts, a substantial gap remains at age 50. Early access to homeownership is also linked to the ownership of larger homes by middle age. Our study underscores the long-term consequences of housing market conditions on homeownership trajectories.
{"title":"Lost in Transition: A Cohort Analysis of Catch-Up in Homeownership in Australia*","authors":"Kadir Atalay, Rebecca Edwards, Fang Han","doi":"10.1111/1475-4932.12831","DOIUrl":"10.1111/1475-4932.12831","url":null,"abstract":"<p>We study how housing market conditions shape the housing careers of Australians. Utilising data from the Australian Census spanning from 1991 to 2021, we observe significant differences in ownership rates at age 30 across birth cohorts. Moreover, these differences widen significantly as housing affordability falls. Using synthetic cohort techniques, we evaluate the persistence of these differences. Our results reveal that while the homeownership rates of younger cohorts ‘catch up’ somewhat with those of their older counterparts, a substantial gap remains at age 50. Early access to homeownership is also linked to the ownership of larger homes by middle age. Our study underscores the long-term consequences of housing market conditions on homeownership trajectories.</p>","PeriodicalId":47484,"journal":{"name":"Economic Record","volume":"100 331","pages":"513-532"},"PeriodicalIF":1.1,"publicationDate":"2024-09-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1475-4932.12831","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142227058","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"A Review of Wellbeing: Science and Policy, by Richard Layard, and Jan-Emmanuel De Neve (Cambridge University Press, Cambridge and New York, 2023), pp. 350.","authors":"Kristen B. Cooper","doi":"10.1111/1475-4932.12830","DOIUrl":"10.1111/1475-4932.12830","url":null,"abstract":"","PeriodicalId":47484,"journal":{"name":"Economic Record","volume":"100 331","pages":"576-578"},"PeriodicalIF":1.1,"publicationDate":"2024-09-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142218215","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Australia introduced the Service Incentive Payment (SIP) program for diabetes in 2001, which offers a trivial financial reward to general practitioners (GPs). We estimate the effect of the diabetes SIP on a wide range of healthcare utilisations of diabetes patients, with the aim of evaluating a pay-for-performance program more comprehensively than existing research. Using a large survey linked to administrative medical claims data, we compare a wide range of healthcare utilisation outcomes between areas with high SIP penetration and low SIP penetration. To uncover causal effects, we conduct a difference-in-differences analysis, which employs GPs who are ineligible for claiming a SIP reward as a control group. We find that concessional diabetes patients (who face low cost-sharing and hence tend to use more services than the socially optimal level) in high-SIP-penetration areas tend to use less healthcare compared to those in low-SIP-penetration areas. Conversely, non-concessional patients in high-SIP-penetration areas tend to use more healthcare than their counterparts in low-SIP-penetration areas. No compromise on health is observed, implying that despite the minor reward, the SIP program has improved systematic diabetes management and consequently enhanced social efficiency by nudging GPs.
{"title":"An Incentive Program with Almost no Incentive: Overlooked Benefits of Pay for Performance*","authors":"Chunzhou Mu, Shiko Maruyama","doi":"10.1111/1475-4932.12828","DOIUrl":"10.1111/1475-4932.12828","url":null,"abstract":"<p>Australia introduced the Service Incentive Payment (SIP) program for diabetes in 2001, which offers a trivial financial reward to general practitioners (GPs). We estimate the effect of the diabetes SIP on a wide range of healthcare utilisations of diabetes patients, with the aim of evaluating a pay-for-performance program more comprehensively than existing research. Using a large survey linked to administrative medical claims data, we compare a wide range of healthcare utilisation outcomes between areas with high SIP penetration and low SIP penetration. To uncover causal effects, we conduct a difference-in-differences analysis, which employs GPs who are ineligible for claiming a SIP reward as a control group. We find that concessional diabetes patients (who face low cost-sharing and hence tend to use more services than the socially optimal level) in high-SIP-penetration areas tend to use less healthcare compared to those in low-SIP-penetration areas. Conversely, non-concessional patients in high-SIP-penetration areas tend to use more healthcare than their counterparts in low-SIP-penetration areas. No compromise on health is observed, implying that despite the minor reward, the SIP program has improved systematic diabetes management and consequently enhanced social efficiency by nudging GPs.</p>","PeriodicalId":47484,"journal":{"name":"Economic Record","volume":"100 331","pages":"491-512"},"PeriodicalIF":1.1,"publicationDate":"2024-07-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141743198","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}