CREMER, HELMUTH; LOZACHMEUR, JEAN-MARIE; PESTIEAU, PIERRE - In: Journal of Public Economic Theory 12 (2010) 1, pp. 23-41
This paper studies the role of alternative pension systems that offer collective annuities. The defining characteristic of collective annuities is that they do not depend on an individual's survival probabilities. We show that such a system may be welfare improving (with a utilitarian social...