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Wages, Hours of Work and Job Satisfaction of the Elderly


  • Isao Ohashi


This paper analyzes the effects of pension benefits, family conditions, and personal characteristics of the elderly on their labor supply, wages, hours of work and job satisfaction in the framework of the Nash bargaining that an old worker and a firm bargain over employment conditions such as wages, hours of work and job investment. It will be stressed that as workers become aged, they come to put more priority on hours of work, work circumstances, the contents of a job rather than wages, and make them improved by job investment in the form of lower wages. This paper also shows empirically, controlling the income effect of pensions, that the effects of the reduction scheme of the Employees' Pension Plan on hours worked and labor participation of the elderly had disappeared by 2000.

Suggested Citation

  • Isao Ohashi, 2004. "Wages, Hours of Work and Job Satisfaction of the Elderly," Hi-Stat Discussion Paper Series d04-40, Institute of Economic Research, Hitotsubashi University.
  • Handle: RePEc:hst:hstdps:d04-40

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    References listed on IDEAS

    1. John P. Rust, 1989. "A Dynamic Programming Model of Retirement Behavior," NBER Chapters,in: The Economics of Aging, pages 359-404 National Bureau of Economic Research, Inc.
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    JEL classification:

    • J14 - Labor and Demographic Economics - - Demographic Economics - - - Economics of the Elderly; Economics of the Handicapped; Non-Labor Market Discrimination
    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies

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