Pré-Publication, Document De Travail Année : 2018

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

Résumé

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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halshs-01767096 , version 1 (15-04-2018)

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  • HAL Id : halshs-01767096 , version 1

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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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