This study evaluates which type of benefit-a universal benefit, a proxy mean-tested benefit, or a categorical benefit- better cushions the poverty effects of income shocks in a developing economy. We compare the effectiveness of the three benefit schemes on poverty first conceptually and then by...

We study whether pessimism and optimism about the future by forward looking agents provides a rationale for social security. We first distinguish between an agent's true and pessimistic preferences and then analyze whether this agent's level of saving depends on the pessimism parameter (π) and...

Social protection is absent from the Millennium Development Goals (MDGs), and only recently has gained some prominence in the post-2015 discourse. In the past quarter century, however, rising inequality has often accompanied economic growth. At the same time, the growing importance of risk and...

Social protection is absent from the Millennium Development Goals (MDGs), and only recently has gained some prominence in the post-2015 discourse. In the past quarter century, however, rising inequality has often accompanied economic growth. At the same time, the growing importance of risk and...