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Pensions and Compensating Wage Variations

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  • Creedy, John

Abstract

This paper examines compensating wage differentials for an individual utility maximizing worker in a two-period framework in which labor supply is endogenous. Comparisons are made for a flat-rate and a two-tier pension containing an earnings-related component, allowing for other taxes and transfers. It is found that the elasticities vary substantially according to preferences and the wage rate, and the elasticity of earnings with respect to pensions can take both positive and negative values. The empirical literature has, however ignored labor supply effects and has concentrated on specifications involving a constant elasticity of minus one, with very little success. The present paper argues that such a specification is not appropriate. Copyright 1994 by Scottish Economic Society.

Suggested Citation

  • Creedy, John, 1994. "Pensions and Compensating Wage Variations," Scottish Journal of Political Economy, Scottish Economic Society, vol. 41(4), pages 454-463, November.
    • Handle: RePEc:bla:scotjp:v:41:y:1994:i:4:p:454-63
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    Cited by:

    1. Dekkers, Gijs J.M. & Nelissen, Jan H.M. & Becker, Henk A., 2002. "Intergenerational redistribution of income through capital funding pension schemes: simulating the Dutch pension fund ABP," MPRA Paper 36137, University Library of Munich, Germany.
    2. Antonis Adam & Thomas Moutos, 2009. "Pension Funding In A Unionized Economy," Scottish Journal of Political Economy, Scottish Economic Society, vol. 56(2), pages 213-231, May.

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