An overlapping generations model of social security with labor and capital productivity shocks and demographic shocks is studied.

Derivative securities may incite traders to manipulate the price of the underlying assets. We analyze this issue at the exercise date of an European option on a stock, when the stock price determines the option payoff. Traders submit their demand for the stock to an auctioneer who selects a...

This paper studies optimality in dynamic stochastic economies with finitely lived agents. In this set up, an agent's utility level depends on the date at which it is evaluated, and on the available information at that date. A family of Pareto optimality concepts may be defined accordingly, with...

Un large debat s'est ouvert dans les pays occidentaux pour modifier les systemes de retraite bases sur la repartition. Gravement touches par l'evolution demographique, certains leur imputent aussi des effets distortionnaires sur l'offre de travail et une desincitation a l'epargne des menages...