Optimal age of retirement and population growth |
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Authors: | Bertrand Crettez Patricia Le Maitre |
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Institution: | L.I.B.R.E., Université de Franche-Comté, Faculté de Droit, Avenue de l'Observatoire, 25030 Besan?on, France (Fax: +33-0381666737; e-mail: Bertrand.Crettez@wanadoo.fr.), FR Université de Bretagne-Sud, ERASME, Ecole Centrale de Paris, Grande voie des vignes, 92295 Chatenay Malabry Cedex, France (e-mail: Patricia.Le-Maitre@wanadoo.fr), FR
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Abstract: | 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.
Received: 19 February 1999/Accepted: 27 February 2001
All correspondence to Bertrand Crettez. We would like to thank Jean-Pierre Vidal for very helpful comments on an earlier
draft. An anonymous referee provided insightful comments on a previous version of this paper. Responsible editor: Alessandro Cigno. |
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Keywords: | JEL classification: D91 H55 |
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