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Optimal age of retirement and population growth

  • 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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    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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    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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