Ausbildung, Erwerbsphase, Renteneintritt - demografischer Wandel und optimale Zeitallokation im Lebenszyklus
We study how the education and retirement decision of a representative individual is affected by the demographic trend. Individuals optimally choose the date at which they leave school to work and at which they retire. Applying an OLG-model with a pay-as-you-go social security system we show how individuals otpimally respond to a) a change in the current wage for a unit of human capital, b) a change in the perfectly foreseen future wage for a unit of human capital, c) a decrease in the anticipated future pension benefit, and d) an increase in the future social contribution rate. From the government's point of view it would be desirable to control for an instrument which increases both the accumulation of human capital before starting to work and the retirement age. Our findings suggest that policy-makers should respond to the demographic trend by reducing pension benefits. Compared to the most relevant alternative, i.e. an increase in the contribution rate, individuals would choose a longer working life, working becomes more attractive. This in turn creates an incentive to invest more in education and to accumulate more human capital.
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Volume (Year): 226 (2006)
Issue (Month): 6 (November)
|Contact details of provider:|| Postal: |
Phone: +49 (0)641 99 22 001
Fax: +49 (0)641 99 22 009
Web page: http://wiwi.uni-giessen.de/home/oekonometrie/Jahrbuecher/
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Ahituv, Avner & Zeira, Joseph, 2000.
"Technical Progress and Early Retirement,"
CEPR Discussion Papers
2614, C.E.P.R. Discussion Papers.
- Ahituv, Avner & Zeira, Joseph, 2002. "Technical Progress and Early Retirement," Working Paper Series rwp02-007, Harvard University, John F. Kennedy School of Government.
- Avner Ahituv & Joeph Zeira, . "Technical Progress and Early Retirement," Working Papers 0801, University of Crete, Department of Economics.
- Kemnitz, Alexander & Wigger, Berthold U., 2000.
"Growth and social security: the role of human capital,"
European Journal of Political Economy,
Elsevier, vol. 16(4), pages 673-683, November.
- Alexander Kemnitz & Berthold U. Wigger, 2000. "Growth and Social Security: The Role of Human Capital," CSEF Working Papers 33, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
- Alan B. Krueger & Mikael Lindahl, 2000.
"Education for Growth: Why and For Whom?,"
NBER Working Papers
7591, National Bureau of Economic Research, Inc.
- Boucekkine, Raouf & de la Croix, David & Licandro, Omar, 2002.
"Vintage Human Capital, Demographic Trends, and Endogenous Growth,"
Journal of Economic Theory,
Elsevier, vol. 104(2), pages 340-375, June.
- Boucekkine, Raouf & de la Croix, David & Licandro, Omar, 2000. "Vintage Human Capital, Demographic Trends and Endogenous Growth," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 2000007, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
- Raouf Boucekkine & David de la Croix & Omar Licandro, . "vintage human capital, demographic trends and endogenous growth," Working Papers 2000-02, FEDEA.
- Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
- Sheshinski, Eytan, 1978.
"A model of social security and retirement decisions,"
Journal of Public Economics,
Elsevier, vol. 10(3), pages 337-360, December.
- Eytan Sheshinski, 1977. "A Model of Social Security and Retirement Decisions," NBER Working Papers 0187, National Bureau of Economic Research, Inc.
- Axel Börsch-Supan, 2003. "Labor Market Effects of Population Aging," LABOUR, CEIS, vol. 17(SpecialIs), pages 5-44, 08.
- Galor, Oded & Tsiddon, Daniel, 1997.
" The Distribution of Human Capital and Economic Growth,"
Journal of Economic Growth,
Springer, vol. 2(1), pages 93-124, March.
- Galor, O. & Tsiddon, D., 1996. "The Distribution of Human Capital and Economic Growth," Papers 18-96, Tel Aviv - the Sackler Institute of Economic Studies.
- Richard Blundell & Martin Browning & Costas Meghir, 1993.
"Consumer demand and the life-cycle allocation of household expenditures,"
IFS Working Papers
W93/11, Institute for Fiscal Studies.
- Blundell, Richard & Browning, Martin & Meghir, Costas, 1994. "Consumer Demand and the Life-Cycle Allocation of Household Expenditures," Review of Economic Studies, Wiley Blackwell, vol. 61(1), pages 57-80, January.
- Axel Börsch-Supan & Reinhold Schnabel & Simone Kohnz & Giovanni Mastrobuoni, 2004.
"Micro-Modeling of Retirement Decisions in Germany,"
in: Social Security Programs and Retirement around the World: Micro-Estimation, pages 285-344
National Bureau of Economic Research, Inc.
- Azariadis, Costas & Drazen, Allan, 1990. "Threshold Externalities in Economic Development," The Quarterly Journal of Economics, MIT Press, vol. 105(2), pages 501-26, May.
- J. Ignacio Conde-Ruiz & Vincenzo Galasso, .
"The Macroeconomics of Early Retirement,"
- Conde-Ruiz, José Ignacio & Galasso, Vincenzo, 2003. "The Macroeconomics of Early Retirement," CEPR Discussion Papers 3896, C.E.P.R. Discussion Papers.
- J. Ignacio Conde-Ruiz & Vincenzo Galasso, . "The Macroeconomic of Early Retirement," Working Papers 194, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
- Berthold U. Wigger, 1999. "Public Pensions and Growth," FinanzArchiv: Public Finance Analysis, Mohr Siebeck, Tübingen, vol. 56(2), pages 241-, June.
- Michael J. Boskin & Michael D. Hurd, 1977.
"The Effect of Social Security on Early Retirement,"
NBER Working Papers
0204, National Bureau of Economic Research, Inc.
- Yoram Ben-Porath, 1967. "The Production of Human Capital and the Life Cycle of Earnings," Journal of Political Economy, University of Chicago Press, vol. 75, pages 352.
- David Evans & Haluk Sezer, 2004. "Social discount rates for six major countries," Applied Economics Letters, Taylor & Francis Journals, vol. 11(9), pages 557-560.
- David J. Evans, 2005. "The elasticity of marginal utility of consumption: estimates for 20 OECD countries," Fiscal Studies, Institute for Fiscal Studies, vol. 26(2), pages 197-224, June.
- Jochen Michaelis & Michael Pflüger, 2000. "The impact of tax reforms on unemployment in a SMOPEC," Journal of Economics, Springer, vol. 72(2), pages 175-201, June.
- 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.
When requesting a correction, please mention this item's handle: RePEc:jns:jbstat:v:226:y:2006:i:6:p:611-628. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Peter Winker)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.