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dc.contributor.authorKaul, Ashoken
dc.contributor.authorHagedorn, Marcusen
dc.contributor.authorBarbie, Martinen
dc.date.accessioned2009-01-28T16:16:01Z-
dc.date.available2009-01-28T16:16:01Z-
dc.date.issued2002-
dc.identifier.urihttp://hdl.handle.net/10419/20694-
dc.description.abstractWe develop a general equilibrium stochastic OLG model with heterogenous households. Households differ with respect to their productivity. Productivity depends stochastically on parents' unobservable investment in their child's human capital and an aggregate productivity shock. We introduce a PAYG social security system that conditions benefits on the aggregate wage sum and on the wage of one's child. We analyze the effects of such a social security system on the endogenous distribution of human capital and compare it to real worldsystems, which typically do not condition benefits on the wages of one's children. We decompose the effects of social security on the investment in human capital into an incentive effect, an insurance effect, a redistributive effect and a general equilibrium effect. Furthermore, we discuss the effects of social security on the long run distribution of human capital. Our approach suggests a novel role for a well-designed social security system: it can foster human capital accumulation and act as intragenerational insurance against humancapital risk.en
dc.language.isoengen
dc.publisher|aInstitute for the Study of Labor (IZA) |cBonnen
dc.relation.ispartofseries|aIZA Discussion Papers |x678en
dc.subject.jelH55en
dc.subject.jelD61en
dc.subject.jelJ24en
dc.subject.ddc330en
dc.subject.keywordhuman capital formationen
dc.subject.keywordsocial securityen
dc.subject.keywordintragenerational insuranceen
dc.subject.keywordheterogenous householdsen
dc.subject.stwBildungsinvestitionen
dc.subject.stwGenerationenbeziehungenen
dc.subject.stwSoziale Sicherungen
dc.subject.stwUmlageverfahrenen
dc.subject.stwOverlapping Generationsen
dc.subject.stwAllgemeines Gleichgewichten
dc.subject.stwVersicherungsökonomiken
dc.subject.stwTheorieen
dc.titleFostering Within-Family Human Capital Investment: An Intragenerational Insurance Perspective of Social Security-
dc.typeWorking Paperen
dc.identifier.ppn84637224Xen
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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