Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/30580
Authors: 
Geron, Devis
Year of Publication: 
2009
Series/Report no.: 
CESifo Working Paper 2812
Abstract: 
This paper analyzes the welfare effects of the Italian social security system in an economy with uncertainty on wages, financial market returns and life expectancy. The introduction of a pension system reproducing the Italian statutory scheme turns out to decrease ex-ante individual welfare, unless restrictions are assumed on retirement behavior. Overall, risk insurance effects of social security play a minor role in determining welfare variations. The new Italian NDC pension system is shown to yield a slight ex-ante welfare improvement from a purely risk-insurance perspective. This relative gain stems from risk diversification across working-life wages in computing benefits.
Subjects: 
social security reforms
uncertainty
risk insurance
JEL: 
E62
H55
H21
H31
Document Type: 
Working Paper

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