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The Political Economy of Social Security under Differential Longevity and Voluntary Retirement

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  • MARIE-LOUISE LEROUX

Abstract

This paper studies a model where the existence of a pension system is decided by majority voting. We assume that individuals have the same income but different longevity. Retirement is voluntary and the pension system is characterised by a payroll tax on earnings and a flat pension benefit. Individuals vote only on the tax level. We show that a pension system emerges when there is a majority of long-lived individuals and that voluntary retirement enables to lower the size of the transfers received by the long-lived. A rise in average longevity will also increase the size of the pension system. Copyright � 2010 Wiley Periodicals, Inc..

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Bibliographic Info

Article provided by Association for Public Economic Theory in its journal Journal of Public Economic Theory.

Volume (Year): 12 (2010)
Issue (Month): 1 (02)
Pages: 151-170

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Handle: RePEc:bla:jpbect:v:12:y:2010:i:1:p:151-170

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Cited by:
  1. LEROUX, Marie-Louise & PESTIEAU, Pierre & RACIONERO, Maria, 2009. "Voting on pensions : sex and marriage," CORE Discussion Papers 2009057, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  2. M.L. Leroux & P. Pestieau, 2014. "Social Security and Family Support," Canadian Journal of Economics, Canadian Economics Association, vol. 47(1), pages 115-143, February.

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