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Political election on legal retirement age

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  • Juan Lacomba
  • Francisco Lagos

Abstract

We use a lifecycle model in which individuals differ by age and by wage in order to analyze a pairwise majority voting process on the legal retirement age. We consider two di ?erent retirement regimes. In the first one the retirees do not return to the labor market, regardless the new retirement age. In the second one, they have to return if this age is higher than her own age. We show that the final outcome of the voting process will crucially depend on the retirement regime as well as on the parameters of the Social Security, that is, the redistributive character of the system and the present legal retirement age.
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Suggested Citation

  • Juan Lacomba & Francisco Lagos, 2007. "Political election on legal retirement age," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 29(1), pages 1-17, July.
    • Handle: RePEc:spr:sochwe:v:29:y:2007:i:1:p:1-17
    DOI: 10.1007/s00355-006-0199-7
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    References listed on IDEAS

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    1. Sveinbjörn Blöndal & Stefano Scarpetta, 1999. "The Retirement Decision in OECD Countries," OECD Economics Department Working Papers 202, OECD Publishing.
    2. Georges Casamatta & Helmuth Cremer & Pierre Pestieau, 2000. "The Political Economy of Social Security," Scandinavian Journal of Economics, Wiley Blackwell, vol. 102(3), pages 503-522, September.
    3. Juan Lacomba & Francisco Lagos, 2006. "Population aging and legal retirement age," Journal of Population Economics, Springer;European Society for Population Economics, vol. 19(3), pages 507-519, July.
    4. Vincent P. Crawford & David M. Lilien, 1981. "Social Security and the Retirement Decision," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 96(3), pages 505-529.
    5. Galasso, Vincenzo & Profeta, Paola, 2002. "The political economy of social security: a survey," European Journal of Political Economy, Elsevier, vol. 18(1), pages 1-29, March.
    6. repec:bla:scandj:v:102:y:2000:i:3:p:503-22 is not listed on IDEAS
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    Cited by:

    1. Juan Lacomba & Francisco Lagos, 2009. "Defined contribution plan vs. defined benefits plan: reforming the legal retirement age," Journal of Economic Policy Reform, Taylor and Francis Journals, vol. 12(1), pages 1-11.
    2. Georges Casamatta & Helmuth Cremer & Pierre Pestieau, 2005. "Voting on Pensions with Endogenous Retirement Age," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 12(1), pages 7-28, January.
    3. Juan Lacomba & Francisco Lagos, 2010. "Postponing the legal retirement age," SERIEs: Journal of the Spanish Economic Association, Springer;Spanish Economic Association, vol. 1(3), pages 357-369, July.
    4. Даниелян, Владимир, 2016. "Детерминанты Пенсионного Возраста: Обзор Исследований [Determinants of Retirement Age: A Review of Research]," MPRA Paper 73865, University Library of Munich, Germany.
    5. Benjamin Bittschi & Berthold U. Wigger, 2019. "On the Political Feasibility of Increasing the Legal Retirement Age," CESifo Working Paper Series 7492, CESifo.
    6. Ryo Arawatari & Tetsuo Ono, 2010. "Retirement and Social Security: A Political Economy Perspective," Discussion Papers in Economics and Business 10-04, Osaka University, Graduate School of Economics.
    7. Georges Casamatta & L. Batté, 2016. "The Political Economy of Population Aging," Post-Print hal-02520521, HAL.
    8. Marie‐Louise Leroux, 2010. "The Political Economy of Social Security under Differential Longevity and Voluntary Retirement," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 12(1), pages 151-170, February.
    9. Casamatta, Georges & De Paoli, Caroline, 2007. "Choosing the Legal Retirement Age in Presence of Unemployment," CEPR Discussion Papers 6263, C.E.P.R. Discussion Papers.
    10. Enrique Fatás & Juan A. Lacomba & Francisco M. Lagos & Ana I. Moro, 2008. "Experimental tests on consumption, savings and pensions," ThE Papers 08/14, Department of Economic Theory and Economic History of the University of Granada..
    11. Juan A. Lacomba & Francisco M. Lagos, 2012. "Reforming the Retirement Scheme: Flexible Retirement versus Legal Retirement Age," FinanzArchiv: Public Finance Analysis, Mohr Siebeck, Tübingen, vol. 68(3), pages 252-268, September.
    12. Ryo Arawatari & Tetsuo Ono, 2011. "Retirement and social security: the roles of self-fulfilling expectations and educational investments," Economics of Governance, Springer, vol. 12(4), pages 353-383, December.
    13. Casamatta, Georges & Brasil Gondim, João Luis, 2008. "Voting on Parametric Reforms of the Pay-As-You-Go Pension System," CEPR Discussion Papers 6993, C.E.P.R. Discussion Papers.
    14. Zou, Tieding, 2014. "养老金亏空、延迟退休与改革阻力—— 基于投票理论视角 [Pension Shortfall, Later Retirement and Resistance to Reform —— Based on the Perspective of Voting Theory]," MPRA Paper 65147, University Library of Munich, Germany, revised 16 Sep 2014.
    15. Juan A. Lacomba & Francisco M. Lagos, 2009. "Reforming the retirement scheme: Flexible retirement vs. Legal retirement age," ThE Papers 09/01, Department of Economic Theory and Economic History of the University of Granada..
    16. Casamatta, Georges & Gondim, Joao Luis, 2009. "Reforming the Pay-As-You-Go Pension System: Who Votes for it ? When?," TSE Working Papers 09-104, Toulouse School of Economics (TSE).
    17. Casamatta, G. & Batté, L., 2016. "The Political Economy of Population Aging," Handbook of the Economics of Population Aging, in: Piggott, John & Woodland, Alan (ed.), Handbook of the Economics of Population Aging, edition 1, volume 1, chapter 0, pages 381-444, Elsevier.
    18. Galasso, Vincenzo, 2008. "Postponing retirement: the political effect of aging," Journal of Public Economics, Elsevier, vol. 92(10-11), pages 2157-2169, October.

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