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The Political Power of the Retirees in a Two-Dimensional Voting Model

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  • Georges Casamatta

Abstract

We show that the retirees are able to obtain favorable pension policies whereas they belong to a minority in the population. The argument relies on the multidimensional nature of the political process. We consider a two-dimensional collective choice problem. The first of these choices is the level of the contribution rate to the Pay-As-You-Go pension system. The second is a noneconomic decision, unrelated to the pension system. Using a political agency model, we show that, as soon as the retirees are sufficiently numerous, the equilibrium tax rate may be higher than the tax rate preferred by the young, who yet constitute a majority over the pension issue. Copyright 2003 Blackwell Publishing 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): 5 (2003)
Issue (Month): 4 (October)
Pages: 571-591

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Handle: RePEc:bla:jpbect:v:5:y:2003:i:4:p:571-591

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Cited by:
  1. Georges Casamatta & Helmuth Cremer & Pierre Pestieau, 2001. "Demographic Shock and Social Security: A Political Economy Perspective," International Tax and Public Finance, Springer, vol. 8(4), pages 417-431, August.
  2. Bossi, Luca, 2008. "Intergenerational risk shifting through social security and bailout politics," Journal of Economic Dynamics and Control, Elsevier, vol. 32(7), pages 2240-2268, July.
  3. Etienne Lehmann & Dhammika Dharmapala, 2004. "A Median Voter Theorem for Postelection Politics," Econometric Society 2004 North American Summer Meetings 63, Econometric Society.

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