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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)
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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Publisher 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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Find related papers by JEL classification:
D91 - Microeconomics - - Intertemporal Choice and Growth - - - Intertemporal Consumer Choice; Life Cycle Models and Saving
H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions

Cited by:
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  1. 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). [Downloadable!]
  2. Juan Antonio Lacomba & Francisco Miguel Lagos, 2005. "Population Aging and Legal Retirement Age," ThE Papers 05/16, Department of Economic Theory and Economic History of the University of Granada.. [Downloadable!]
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