Unfunded pensions and endogenous labor supply

Abstract. A classic result in dynamic public economics, dating back to Aaron (1966) and Samuelson (1975), states that there is no welfare rationale for PAYG pensions in a dynamically-efficient neoclassical economy with exogenous labor supply. This paper argues that this result, under the fairly-mild restriction that the old be no less risk-averse than the young, extends to a neoclassical economy with endogenous labor supply.

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Year of publication:	2009-12-08
Authors:	Andersen, Torben M. ; Bhattacharya, Joydeep
Institutions:	School of Economics and Management, University of Aarhus
Subject:	pay-as-you-go \| social security \| endogenous labor supply \| dynamic efficiency

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Extent:	application/pdf
Series:	Economics Working Papers.
Type of publication:	Book / Working Paper
Notes:	2 pages long
Classification:	E6 - Macroeconomic Policy Formation, Macroeconomic Aspects of Public Finance, Macroeconomic Policy, and General Outlook ; H3 - Fiscal Policies and Behavior of Economic Agents
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10008458284