Michel, Philippe; Pestieau, Pierre - In: Annals of Economics and Finance 14 (2013) 2, pp. 723-737
This paper explains why workers retire earlier, and earlier at the same time as society becomes more and more indebted through increasing pay-as-you-go pension liabilities. To do so, we extend the standard twooverlapping-generations growth model to allow for endogenous labor participation in the...