Nishiyama, Shinichi; Smetters, Kent A. - 2021
face uninsurable risks. We simulate a stylized 50-percent privatization using an overlapping-generations model where … insurable, privatization produces about $21,900 of new resources for each future household (growth adjusted over time) after all …, privatization reduces efficiency by about $5,600 per future household despite improved labor supply incentives.We check the …