Allongement de l'espérance de vie et choix du système de retraite

Patrick Artus

Revue économique, 2002, vol. 53, issue 4, 809-823

Abstract: The effects of aging are usually modelised by introducing a demographic cycle in the overlapping generations model. It is in that case shown that the existence of funded pension funds increases the welfare inequalities between the generations, the large generation being more penalised than with a PAYG system. We show that a different result is obtained, in the long run but not for the first generation experiencing an increase in life expectancy, if aging is modelized as resulting from the increase in the probability of survival at all ages. We distinguish between the cases of pension funds paying a regular pension and of pension funds paying a capital at retirement. In the second case, the analysis is made more complicated by the presence of the risk of spending prematurely the entire capital and of involuntary bequests. Classification JEL : H 55, J 26

Date: 2002
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