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It has been shown in economic research that public pay-as-you-go defined-benefit pension plans penalize those who continue to work beyond a certain age by reducing the present discounted value of future retirement benefits. In discussions on the effectiveness of policies aimed at eliminating...
Persistent link: https://www.econbiz.de/10005408311
By considering lifetime uncertainty, this paper employs an OLG model within general equilibrium framework to analyze China’s urban public pension system. Using the condition for the steady-state of market economy to satisfy the social welfare maximization, we solve the optimal social pool...
Persistent link: https://www.econbiz.de/10008540990
Blanchard’s (1985) model is modified to build an OLG model with an increasing probability of death, endogenous growth and a bequest motive. The motivation is to obtain a more rich, realistic and flexible framework to reproduce -using numerical methods- some stylised facts of the age-profiles...
Persistent link: https://www.econbiz.de/10004985056
social security system and inheritance taxation) in an overlapping generations model with perfect altruism. It generalizes … productivity and altruism. Within such a model wealth is entirely held in the steady-state by the families with the highest degree … of altruism. Under plausible assumptions both public debt and social security are neutral à la Ricardo, while increasing …
Persistent link: https://www.econbiz.de/10005504719
-proof. Second, it introduces parental altruism. The behavioural and policy implications are illustrated by showing the effects of … public pensions and credit rationing. These implications are not much affected by whether altruism is assumed or not, but …
Persistent link: https://www.econbiz.de/10005518904
Why do people have kids in developed societies? We propose an empirical test of two alternative theories — children as “consumption” vs. “investment” good. We use as a natural experiment the Italian pension reforms of the 90s that introduced a clear discontinuity in the treatment...
Persistent link: https://www.econbiz.de/10004979411
altruism. A fall in the population growth rate, even to negative values, will imply a reduction of the interest rate and an …
Persistent link: https://www.econbiz.de/10011257498
In this paper it is empirically investigated whether feelings of altruism towards members of other generations and … generations. We find that young and middle-aged people indeed seem to be affected by feelings of altruism and fairness whereas the …
Persistent link: https://www.econbiz.de/10011090542
Persistent link: https://www.econbiz.de/10011091218
Human capital and, therefore, education have an impact on the societys future welfare. In this paper we study the connection between the voters support to public education and the retirement concerns. We show that voters anticipate the positive effect of education on future pensions. The support...
Persistent link: https://www.econbiz.de/10009370445