This paper concentrates on negatively skewed one-sided distributions as an explanation of the occurrence of positive (negative) skewness in the case of stochastic production (cost) frontieranalysis. It takes as example the binomial distribution that can have negative or positive skewand derives...

The paper addresses two related issues: the optimal intergenerational sharing of laborproductivity risks, through a Pay-As-You-Go (PAYG) social security, and the mix ofPAYG and savings for retirement provision in a small open economy. It shows that partial contingency of the social security on...