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L’épargnant propriétaire face à ses vieux jours

Author

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  • André Masson

    (PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PSE - Paris-Jourdan Sciences Economiques - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - INRA - Institut National de la Recherche Agronomique - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique)

Abstract

Près des trois quarts des épargnants seniors français sont propriétaires de leur logement. Tout en restant chez eux jusqu'à leur décès, ils pourraient rendre liquide ou mobiliser leur patrimoine immobilier pour financer les besoins d'une durée de retraite de plus en plus longue. Les produits viagers gagés ainsi sur le logement sont cependant peu diffusés. Le viager traditionnel sur les marchés de gré à gré, où le vendeur et l'acheteur sont tous deux des particuliers, souffre d'une image désuète et d'une réputation peu flatteuse. Le prêt viager actuel présente des inconvénients majeurs tant du côté de la demande, parce qu'il met sous tension les relations familiales, que du côté de l'offre, parce que, contracté trop tôt, il porte sur des espérances de vie trop longues. Notre analyse montre tout d'abord comment la rationalité pratique de l'épargnant contribue à expliquer, pour des raisons différentes, la faible demande de la rente viagère et des produits viagers gagés sur le logement. Elle propose ensuite deux nouveaux produits, mieux adaptés à cette rationalité : le viager mutualisé, que nous appellerons « viage », est censé remédier à nombre d'inconvénients du viager traditionnel grâce à une offre d'achat institutionnelle bien régulée ; le prêt viager-dépendance réversible, accordé seulement en cas de dépendance dûment constatée, constituerait une alternative crédible à l'assurance dépendance. Dans les deux cas, on précise les conditions, juridiques, fiscales et institutionnelles, qui permettraient la diffusion du produit à une échelle significative.

Suggested Citation

  • André Masson, 2015. "L’épargnant propriétaire face à ses vieux jours," PSE-Ecole d'économie de Paris (Postprint) halshs-01313721, HAL.
  • Handle: RePEc:hal:pseptp:halshs-01313721
    DOI: 10.3917/rfe.152.0129
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    References listed on IDEAS

    as
    1. Luc Arrondel & André Masson, 2013. "Taxing more (large) family bequests: why, when, where?," Working Papers halshs-00834189, HAL.
    2. André Masson, 2009. "Le viager intermédié partiel (VIP), produit d'avenir ?," PSE-Ecole d'économie de Paris (Postprint) halshs-00754681, HAL.
    3. Thomas Davidoff & Jeffrey R. Brown & Peter A. Diamond, 2005. "Annuities and Individual Welfare," American Economic Review, American Economic Association, vol. 95(5), pages 1573-1590, December.
    4. André Masson, 2012. "Le viager : une épargne pour "vieux pauvres"," Post-Print halshs-01516835, HAL.
    5. Février, Philippe & Linnemer, Laurent & Visser, Michael, 2012. "Testing for asymmetric information in the viager market," Journal of Public Economics, Elsevier, vol. 96(1), pages 104-123.
    6. Kahneman, Daniel & Tversky, Amos, 1979. "Prospect Theory: An Analysis of Decision under Risk," Econometrica, Econometric Society, vol. 47(2), pages 263-291, March.
    7. David Laibson, 1997. "Golden Eggs and Hyperbolic Discounting," The Quarterly Journal of Economics, Oxford University Press, vol. 112(2), pages 443-478.
    8. Shlomo Benartzi & Alessandro Previtero & Richard H. Thaler, 2011. "Annuitization Puzzles," Journal of Economic Perspectives, American Economic Association, vol. 25(4), pages 143-164, Fall.
    9. Luc Arrondel & André Masson, 2012. "Favouring Wealth Intergenerational Mobility by Increasing the Inheritance Tax: Putting the Case for France," Post-Print halshs-00754819, HAL.
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    Keywords

    Epargnant; Propriétaire;

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