50 10. Hutchens (1993) found that more than one quarier of workers aged 50 to 59 had no job after displacement, compared to about 16 percent for younger workers. More older persons also dropped out of the labor force or were unemployed as compared to younger employees (about 35 percent versus around 25 percent).

11. Levine and Mitchell (1988) explored this question using data from the United States. More cross-national evidence on the question would be useful.

12. The material in this paragraph is developed In more detail in Fields and Mitchell (1984b). The economic effects of pensions described here apply primarily to men; women's responses are apparently weaker. See Pozzebon and Mitchell (1989).

13. For a discussion of actuarial reduction factors see McGill and Grubbs (1989). Figures given In the text are illustrative only, since life expectancy tables and discount rates must be specifically tailored to each population to determine actuarial neutrality.

14. For a discussion of integration between public and private plans In the United States see Mitchell (1992). A nice discussion of selected OECD countries' experiences is available in Dilnot and Walker (1989), KohIl and others (1991) and Schmahl (1989). Pension plan features are reviewed in Dailey and Turner (forthcoming), Turner and Beller (1992), and Tumer and Dailey (1991).

15. The average "baby boomer" will attain age 65 in the year 2011 in the United States. The timing of this pattem will differ a great deal across countries, however, since the baby boom lasted only three years in Japan, as compared to 15 years in the U.S. As a consequence, Japan will experience more rapid population aging than will the US and most other Western nations. Developing counties are typically younger, with the median age of the population likely to remain ten years younger (around age 30 by the year 2025) as compared to their more developed counterparts (around age 40). See Clark (1991, 1993). Projecting future labor force trends is complex, and is likely to be an area for fruitful future research. Levine (1993) discusses the United States experience. For information on other countries see Esping-Andersen and Sonnnberger (1991), Pampel and Weiss (1983), and Zweim0ller (1991).

16. Space constraints restrict our discussion to retirement programs, to the exclusion of unemployment compensation, health and poverty benefit systems. Surveys of other social insurance systems areavailablein Atkinson (1987,1989,1991), Atkinson and Mickelwright (1991), Hamermesh (this volume), Holzmann (1991), and OECD (1991), among others.

17. It should be noted that most OECD nations, and many of the economies in transition, also have special and distinct retirement systems for special groups of workers including the military, public employees, miners, railway workers, and so forth. Depending on the country, these special plans can offer much more generous beneftts than the schemes covering regular employees, and In many cases impose large and growing burdens on public budgets. A complete discussion of these special programs is, however, beyond the purview of this paper.

18. The relative Importance of the extended family In caring for older persons varies a great deal and over time. In the United States, less than 10 percent of the elderly live with their children, and very few receive any direct income support from their children (Kotlikoff 1992); by contrast, in Japan, still a large fraction of the elderly resides with their children. The importance of other groups also varies intemationally: labor unions have played a central role in organizing and