Theoretical considerations on the retirement consumption puzzle and the optimal age of retirement

Abstract : Defining retirement as a discontinuity in the labor supply of the agent, this paper resolves the retirement consumption puzzle in a very general model of in-tertemporal choice of consumption and savings of a fully rational, forward looking, agent. Building on a specific version of Bellman (1957) principle of optimality, it provides a very general and parsimonious formula for determining the optimal age of retirement taking into account the possible discontinuity of the optimal consumption profile at the age of retirement. Code JEL: C61 D91 J26
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Pré-publication, Document de travail
2018
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https://halshs.archives-ouvertes.fr/halshs-01767096
Contributeur : Nicolas Drouhin <>
Soumis le : dimanche 15 avril 2018 - 16:52:46
Dernière modification le : mercredi 18 avril 2018 - 12:24:12

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Nicolas Drouhin. Theoretical considerations on the retirement consumption puzzle and the optimal age of retirement. 2018. 〈halshs-01767096〉

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