|
EconStor >
Forschungsinstitut zur Zukunft der Arbeit (IZA), Bonn >
IZA Discussion Papers, Forschungsinstitut zur Zukunft der Arbeit (IZA) >
Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/21054
|
| | |
Full metadata record
| DC Field | | Value | | Language |
| dc.contributor.author | | Barbie, Martin | | en_US |
| dc.contributor.author | | Hagedorn, Marcus | | en_US |
| dc.contributor.author | | Kaul, Ashok | | en_US |
| dc.date.accessioned | | 2009-01-28T16:18:59Z | | - |
| dc.date.available | | 2009-01-28T16:18:59Z | | - |
| dc.date.issued | | 2000 | | en_US |
| dc.identifier.uri | | http://hdl.handle.net/10419/21054 | | - |
| dc.description.abstract | | We analyze the interaction between risk sharing and capital accumulation in a stochastic OLG model with production. We give a complete characterization of interim Pareto optimality. Our characterization also subsumes equilibria with a PAYG social security system. In a competitive equilibrium interim Pareto optimality is equivalent to intergenerational exchange efficiency, which in turn implies dynamic efficiency. Furthermore, contrary to the case of certainty, dynamic efficiency does not rule out a Pareto-improving role for a social security system. Social security can provide insurance against macroeconomic risk, namely aggregate productivity risk in the second period of life (old age) through dynamic risk sharing. The mechanism through which social security can Pareto-improve market allocations resembles a Ponzi scheme. But instead of rolling over debt, we can interpret our scheme as one that raises contributions and then rolls over an insurance contract. | | en_US |
| dc.language.iso | | eng | | en_US |
| dc.publisher | | | | en_US |
| dc.relation.ispartofseries | | IZA Discussion paper series 209 | | en_US |
| dc.subject.jel | | H55 | | en_US |
| dc.subject.jel | | D61 | | en_US |
| dc.subject.ddc | | 330 | | en_US |
| dc.subject.keyword | | Stochastic OLG Model | | en_US |
| dc.subject.keyword | | Dynamic Efficiency | | en_US |
| dc.subject.keyword | | Interim Pareto Optimality | | en_US |
| dc.subject.keyword | | Social Security | | en_US |
| dc.subject.keyword | | Risk Sharing | | en_US |
| dc.subject.stw | | Soziale Sicherung | | en_US |
| dc.subject.stw | | Sozialversicherungsfinanzierung | | en_US |
| dc.subject.stw | | Overlapping Generations | | en_US |
| dc.subject.stw | | Stochastischer Prozess | | en_US |
| dc.subject.stw | | Investition | | en_US |
| dc.subject.stw | | Dynamisches Gleichgewicht | | en_US |
| dc.subject.stw | | Allokationseffizienz | | en_US |
| dc.subject.stw | | Pareto-Optimum | | en_US |
| dc.subject.stw | | Theorie | | en_US |
| dc.title | | Dynamic Efficiency and Pareto Optimality in a Stochastic OLG Model with Production and Social Security | | en_US |
| dc.type | | Working Paper | | en_US |
| dc.identifier.ppn | | 323540597 | | en_US |
| dc.rights | | http://www.econstor.eu/dspace/Nutzungsbedingungen | | - |
| Appears in Collections: | | IZA Discussion Papers, Forschungsinstitut zur Zukunft der Arbeit (IZA)
|
| Files in This Item:
| |
| File |
Description |
Size | Format |
| dp209.pdf | | 435.56 kB | Adobe PDF |
|
| No. of Downloads:
| |
| last Month |
last 3 Month |
total |
|
|
|
|
|
Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.
|