Social Security provides insurance against idiosyncratic income risk but exposes workers to systematic risk because benefits are indexed to the evolution of aggregate earnings. I calibrate a life-cycle model to compare workers' certainty equivalent valuation of Social Security to its net present...

Les migrations internationales s'intensifient mais les systèmes de protection sociale restent attachés à un territoire. Coordonner les législations entre États pour assurer une continuité des droits aux travailleurs migrants devient primordial.0