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Social Security, Demographic Trends, and Economic Growth : Theory and Evidence from the International Experience
Ehrlich, Isaac - 2005
The worldwide problem with pay-as-you-go (PAYG) social security systems isn't just financial. This study indicates that these systems may have exerted adverse effects on key demographic factors, private savings, and long-term growth rates. Through a comprehensive endogenous-growth model where...
Persistent link: https://www.econbiz.de/10012467564
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Capital Accumulation and Uncertain Lifetimes with Adverse Selection
Abel, Andrew B. - 1985
This paper examines the implications of adverse selection in the private annuity market for the pricing of private annuities and the consequent effects on constrption and bequest behavior. With privately known heterogeneous mortality probabilities, adverse selection causes the rate of return on...
Persistent link: https://www.econbiz.de/10012477416
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Choice in Insurance Markets : A Pigouvian Approach to Social Insurance Design
Hendren, Nathaniel - 2020
Should choice be offered in social insurance programs? The paper presents a conceptual framework that identifies the key forces determining the value of offering choice, reviews some existing evidence on these forces, and aims to guide further empirical research in different in- surance domains....
Persistent link: https://www.econbiz.de/10012481145
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The Trick is to Live : Is the Estate Tax Social Security for the Rich?
Kopczuk, Wojciech - 2002
Because estate tax liability usually depends on how long one lives, it implicitly provides annuity income. In the absence of annuity markets, lump-sum estate taxation may be used to achieve the first-best solution for individuals with a sufficiently strong bequest motive. Calculations of the...
Persistent link: https://www.econbiz.de/10012469522
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An Empirical Examination of Information Barriers to Trade in Insurance
Cawley, John - 1996
This paper tests restrictions implied by the canonical theory of insurance under asymmetric information using ideal … life insurance. We report several findings which are hard to reconcile with the canonical theory. First, we find a striking …-linear pricing than predicted by theory: the theory predicts that prices rise with quantity, but we find that they fall. Third, we …
Persistent link: https://www.econbiz.de/10012473173
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Home Equity Insurance
Shiller, Robert J. - 1994
Home equity insurance policies, policies insuring homeowners against declines in the price of their homes, would bear some resemblance both to ordinary insurance and to financial hedging vehicles. A menu of choices for the design of such policies is presented here, and conceptual issues are...
Persistent link: https://www.econbiz.de/10012474085
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A Note on Taxation as Social Insurance for Uncertain Labor Income
Kaplow, Louis - 1991
Various authors, notably Eaton and Rosen (1980a) and Varian (1980), have proposed that income taxation may be justified to some extent on the ground that it serves as social insurance against uncertainties in labor income. They assume that private insurance is unavailable. primarily because of...
Persistent link: https://www.econbiz.de/10012475299
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Equilibrium in Competitive Insurance Markets with Moral Hazard
Arnott, Richard - 1991
This paper examines the existence and nature of competitive equilibrium with moral hazard. The more insurance an individual has, the less care will he take. Consequently, insurance firms attempt to restrict their clients' aggregate insurance purchases. If individuals' aggregate insurance...
Persistent link: https://www.econbiz.de/10012475432
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Government Relief for Risk Associated with Government Action
Kaplow, Louis - 1989
A significant source of risk arises from uncertainty concerning future government policy. Government action - - tax reform, deregulation, judicial decisions, budgetary shifts - - produces gains and losses for those who invested under preexisting rules. The effects of government relief - -...
Persistent link: https://www.econbiz.de/10012476042
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The Basic Analytics of Moral Hazard
Arnott, Richard J. - 1988
This paper develops the basic analytics of moral hazard, for the two-outcome case where either a fixed damage accident occurs or it does not. The analysis focuses on the relationship between the insurance premium paid and the insurance benefits received in the event of an accident, and is...
Persistent link: https://www.econbiz.de/10012476583