We investigate welfare and aggregate implications of a pay as you go (PAYG) social security system in a dynastic … temptation. We find that the adverse welfare effects of a PAYG system are further mitigated relative to the environments that …

We investigate welfare and aggregate implications of a pay-as-you-go (PAYG) social security system in a dynastic … but magnifies the self-control costs. We find that in our environment the adverse welfare effects of a PAYG system are …

time to time. This paper examines the economic welfare effects of means testing using a stochastic overlapping generations … endowments of effective labor. Our results indicate that a change in the taper rate has implications for both welfare and … economic aggregates. In particular, with a second tier pension in place, it is welfare improving to strictly means-test the …

welfare weights are exponential, while for ß<1/2 they are biased in favor of the current self, and for ß>1/2 in favor of one …'s future selves. More generally, we establish a functional equation which relates welfare weights to instantaneous …

a welfare representation in the form of a sum of discounted total utilities. We find that a consumption …) and Laibson (1997) correspond to quasi-exponential altruism towards one's future selves. For ß=1/2, the welfare weights … selves. More generally, we establish a functional equation which relates welfare weights to consumption-utility weights. We …

a welfare representation in the form of a sum of discounted total utilities. We find that a consumption …) and Laibson (1997) correspond to quasi-exponential altruism towards one's future selves. For ß=1/2, the welfare weights … selves. More generally, we establish a functional equation which relates welfare weights to consumption-utility weights. We …

welfare weights are exponential, while for ß<1/2 they are biased in favor of the current self, and for ß>1/2 in favor of one …'s future selves. More generally, we establish a functional equation which relates welfare weights to instantaneous …

accumulation and the allocation of resources across formal and informal sectors. Despite these losses recipients of social pensions … experience welfare gains as the positive insurance effects attributed to the extension of a social insurance system dominate. The … welfare gains crucially depend on the skill distribution, private intra-family transfers and the specific tax used to finance …

, unchanged replacement rates and a discretionary increase of all pensions of 2.5 per cent in 2008 would limit the poverty rate … among pensioners, but it would weigh down on the growth rate and the welfare of future generations. …