There is a general presumption that competition is a good thing. In this paper we show that competition in the insurance markets can be bad when there is adverse selection; Using the dual theory of choice under risk, we are able to fully characterize both the competitive and the monopoly market...

Empirical testing of asymmetric information in the insurance market has uncovered a negative correlation between risks levels and insurance purchases, rather than the positive correlation predicted by the standard insurance theory. Hemenway (1990) proposes an explanation for this negative...

We consider distributional free inference to test for positive quadrant dependence, i.e. for the probability that two variables are simultaneously small (or) large being at least as great as it would be were they dependent. Tests for its generalisation in higher dimensions, namely positive...

We study the effects of pension reform in a four-period OLG model for an open economy where hours worked by three active generations, education of the young, the retirement decision of older workers, and aggregate per capita growth, are endogenous. Next to the characteristics of the pension...

Nous considérons un modèle à générations imbriquées en économie fermée avec des travailleurs qualifiés et des travailleurs non qualifiés. Il existe un système de retraite obligatoire qui se décompose en deux branches : une branche avec financement par répartition, cotisations...

Dans un modèle à générations imbriquées avec production «à la Diamond», on introduit de l’incertitude sur la durée de vie. En comparaison la dynamique d’une économie sans système de retraite avec celle d’une économie disposant d’un système de retraite par capitalisation, on...

With an overlapping generations model, Williamson and Jones [1983] demonstrated that the long-run savings ratio in the U.S. was not affected by the introduction and the reform of the unfunded social security system. This paper extends their model by including a production sector, endogenous...

We forecast income growth over the periode 2000-2050 in the US, Canada, and France. To ground the forecasts on relationships that are as robust as possible t changes in the environment, we use a quantitative theoretical approach which consists in calibrating and simulating a general equilibrium...

A transition from pay-as-you-go pension systems to more private funded systems is often suggested as a solution to finance pension systems threatened by ageing. This paper analyses alternative potential remedies linked to changes in labour market characteristics, within an international...

Early retirement is often explained as resulting from a voluntary labour supply choice of a utility maximizing individual. nonetheless, a lof of individuals perceive retirement as a forced instead as a voluntary decision. This paper tries to accomodate voluntary and unvoluntary labour supply...