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Political election on legal retirement age

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  • Juan Lacomba
  • Francisco Lagos

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Abstract

We use a lifecycle model in which individuals differ by age and by wage in order to analyze a pairwise majority voting process on the legal retirement age. We consider two di ?erent retirement regimes. In the first one the retirees do not return to the labor market, regardless the new retirement age. In the second one, they have to return if this age is higher than her own age. We show that the final outcome of the voting process will crucially depend on the retirement regime as well as on the parameters of the Social Security, that is, the redistributive character of the system and the present legal retirement age.

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File URL: http://hdl.handle.net/10.1007/s00355-006-0199-7
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Bibliographic Info

Article provided by Springer in its journal Social Choice and Welfare.

Volume (Year): 29 (2007)
Issue (Month): 1 (July)
Pages: 1-17

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Handle: RePEc:spr:sochwe:v:29:y:2007:i:1:p:1-17

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References

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  1. Crawford, Vincent P & Lilien, David M, 1981. "Social Security and the Retirement Decision," The Quarterly Journal of Economics, MIT Press, vol. 96(3), pages 505-29, August.
  2. Georges Casamatta & Helmuth Cremer & Pierre Pestieau, 2000. "The Political Economy of Social Security," CESifo Working Paper Series 259, CESifo Group Munich.
  3. 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..
  4. Sveinbjörn Blöndal & Stefano Scarpetta, 1999. "The Retirement Decision in OECD Countries," OECD Economics Department Working Papers 202, OECD Publishing.
  5. Galasso, Vincenzo & Profeta, Paola, 2002. "The political economy of social security: a survey," European Journal of Political Economy, Elsevier, vol. 18(1), pages 1-29, March.
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Citations

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Cited by:
  1. Enrique Fatás & Juan A. Lacomba & Francisco M. Lagos & Ana I. Moro, 2008. "Experimental tests on consumption, savings and pensions," ThE Papers 08/14, Department of Economic Theory and Economic History of the University of Granada..
  2. Juan A. Lacomba & Francisco M. Lagos, 2009. "Reforming the retirement scheme: Flexible retirement vs. Legal retirement age," ThE Papers 09/01, Department of Economic Theory and Economic History of the University of Granada..
  3. Georges Casamatta & Helmuth Cremer & Pierre Pestieau, 2005. "Voting on Pensions with Endogenous Retirement Age," International Tax and Public Finance, Springer, vol. 12(1), pages 7-28, January.
  4. Ryo Arawatari & Tetsuo Ono, 2010. "Retirement and Social Security: A Political Economy Perspective," Discussion Papers in Economics and Business 10-04, Osaka University, Graduate School of Economics and Osaka School of International Public Policy (OSIPP).
  5. Vladimir Nazarov, 2012. "The Future of the Pension System: Parametric Changes or Change of Paradigm?," Working Papers 0047, Gaidar Institute for Economic Policy, revised 2012.
  6. Ryo Arawatari & Tetsuo Ono, 2011. "Retirement and social security: the roles of self-fulfilling expectations and educational investments," Economics of Governance, Springer, vol. 12(4), pages 353-383, December.
  7. Brasil Gondim, João Luis & Casamatta, Georges, 2008. "Voting on Parametric Reforms of the Pay-As-You-Go Pension System," CEPR Discussion Papers 6993, C.E.P.R. Discussion Papers.
  8. Juan Lacomba & Francisco Lagos, 2010. "Postponing the legal retirement age," SERIEs, Spanish Economic Association, vol. 1(3), pages 357-369, July.
  9. Casamatta, Georges & Gondim, Joao Luis, 2009. "Reforming the Pay-As-You-Go Pension System: Who Votes for it ? When?," TSE Working Papers 09-104, Toulouse School of Economics (TSE).
  10. Galasso, Vincenzo, 2008. "Postponing retirement: the political effect of aging," Journal of Public Economics, Elsevier, vol. 92(10-11), pages 2157-2169, October.
  11. Casamatta, Georges & De Paoli, Caroline, 2007. "Choosing the Legal Retirement Age in Presence of Unemployment," CEPR Discussion Papers 6263, C.E.P.R. Discussion Papers.

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