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Optimal age of retirement and population growth

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Author Info

  • Bertrand Crettez

    ()
    (L.I.B.R.E., Université de Franche-Comté, Faculté de Droit, Avenue de l'Observatoire, 25030 Besançon, France)

  • Patricia Le Maitre

    ()
    (Université de Bretagne-Sud, ERASME, Ecole Centrale de Paris, Grande voie des vignes, 92295 Châtenay Malabry Cedex, France)

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    Abstract

    The purpose of this paper is to study intergenerational optimal resources sharing when the social planer can choose the retirement age in addition to consumptions and investment. We use the extension of the Diamond analysis by Hu [1979] that incorporates endogenous retirement age. We found that the optimal retirement age is an increasing function of the population growth rate if the elasticity of substitution of old agents' labor for young agents' labor is lower than one. In the millian case, when the size of a population does not matter, and when the elasticity of substitution of old agents' labor for young agents' labor is strictly higher than one, the optimal retirement age is a decreasing function of the population growth rate. In the benthamite case, the change in the optimal retirement age is indeterminate.

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    Bibliographic Info

    Article provided by Springer in its journal Journal of Population Economics.

    Volume (Year): 15 (2002)
    Issue (Month): 4 ()
    Pages: 737-755

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    Handle: RePEc:spr:jopoec:v:15:y:2002:i:4:p:737-755

    Note: Received: 19 February 1999/Accepted: 27 February 2001
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    Related research

    Keywords: Retirement age; population growth; overlapping generations;

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    Cited by:
    1. Gori, Luca & Sodini, Mauro, 2011. "Nonlinear dynamics in an OLG growth model with young and old age labour supply: the role of public health expenditure," MPRA Paper 28180, University Library of Munich, Germany.
    2. Galasso, Vincenzo, 2008. "Postponing retirement: the political effect of aging," Journal of Public Economics, Elsevier, vol. 92(10-11), pages 2157-2169, October.
    3. repec:spo:wpecon:info:hdl:2441/2087 is not listed on IDEAS
    4. Luciano Fanti, 2012. "Growth, PAYG pension systems crisis and mandatory age of retirement," Discussion Papers 2012/153, Dipartimento di Economia e Management (DEM), University of Pisa, Pisa, Italy.
    5. Jacques Le Cacheux & Vincent Touze, 2003. "Vieillissement et richesse des nations," Sciences Po publications info:hdl:2441/2087, Sciences Po.
    6. Fernando Perera-Tallo, 2012. "Optimal Retirement Age and Aging Population," 2012 Meeting Papers 728, Society for Economic Dynamics.
    7. Juan Lacomba & Francisco Lagos, 2006. "Population aging and legal retirement age," Journal of Population Economics, Springer, vol. 19(3), pages 507-519, July.
    8. Alexandra Rillaers & David de la Croix & Geraldine Mahieu, 2003. "How Should The Allocation Of Resources Adjust To The Baby Bust?," Working Papers. Serie AD 2003-27, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
    9. FLEURBAEY, Marc & LEROUX, Marie-Louise & PESTIEAU, Pierre & PONTHIERE, Grégory, 2013. "Fair retirement under risky lifetime," CORE Discussion Papers 2013049, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    10. repec:hal:wpaper:halshs-00857945 is not listed on IDEAS
    11. Luciano Fanti, 2012. "Consequences of a boost of mandatory retirement age on long run income and PAYG pensions," Discussion Papers 2012/149, Dipartimento di Economia e Management (DEM), University of Pisa, Pisa, Italy.

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