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Kompletter Metadatensatz
DublinCore-Feld | Wert | Sprache |
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dc.contributor.author | Barbie, Martin | en |
dc.contributor.author | Hagedorn, Marcus | en |
dc.contributor.author | Kaul, Ashok | en |
dc.date.accessioned | 2009-01-28T16:18:59Z | - |
dc.date.available | 2009-01-28T16:18:59Z | - |
dc.date.issued | 2000 | - |
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 OLGmodel with production. We give a complete characterization of interim Pareto optimality. Ourcharacterization also subsumes equilibria with a PAYG social security system. In a competitiveequilibrium interim Pareto optimality is equivalent to intergenerational exchange efficiency, whichin turn implies dynamic efficiency. Furthermore, contrary to the case of certainty, dynamic efficiencydoes not rule out a Pareto-improving role for a social security system. Social security canprovide insurance against macroeconomic risk, namely aggregate productivity risk in the secondperiod of life (old age) through dynamic risk sharing. The mechanism through which socialsecurity can Pareto-improve market allocations resembles a Ponzi scheme. But instead of rollingover debt, we can interpret our scheme as one that raises contributions and then rolls over aninsurance contract. | en |
dc.language.iso | eng | en |
dc.publisher | |aInstitute for the Study of Labor (IZA) |cBonn | en |
dc.relation.ispartofseries | |aIZA Discussion Papers |x209 | en |
dc.subject.jel | H55 | en |
dc.subject.jel | D61 | en |
dc.subject.ddc | 330 | en |
dc.subject.keyword | Stochastic OLG Model | en |
dc.subject.keyword | Dynamic Efficiency | en |
dc.subject.keyword | Interim Pareto Optimality | en |
dc.subject.keyword | Social Security | en |
dc.subject.keyword | Risk Sharing | en |
dc.subject.stw | Soziale Sicherung | en |
dc.subject.stw | Sozialversicherungsfinanzierung | en |
dc.subject.stw | Overlapping Generations | en |
dc.subject.stw | Stochastischer Prozess | en |
dc.subject.stw | Investition | en |
dc.subject.stw | Dynamisches Gleichgewicht | en |
dc.subject.stw | Allokationseffizienz | en |
dc.subject.stw | Pareto-Optimum | en |
dc.subject.stw | Theorie | en |
dc.title | Dynamic Efficiency and Pareto Optimality in a Stochastic OLG Model with Production and Social Security | - |
dc.type | Working Paper | en |
dc.identifier.ppn | 835474917 | en |
dc.rights | http://www.econstor.eu/dspace/Nutzungsbedingungen | en |
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