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growth. We identify the moral-hazard effect in healthcare investments when annuity rates are conditioned on average mortality …
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nonredistributive plan that accounts for differences in mortality, US Social Security reduces regressivity from longevity differences …
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This paper analyzes the welfare effects of the Italian social security system in an economy with uncertainty on wages, financial market returns and life expectancy. The introduction of a pension system reproducing the Italian statutory scheme turns out to decrease ex-ante individual welfare,...
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Several recent studies have examined the steady-state welfare implications of mortality differentials within unfunded … of mortality inequality within the U.S. Social Security system. Utilizing an OLG endogenous growth model of the U ….S. economy, I compare the current pay-as-you-go (PAYG) system to versions of the model without either mortality differentials or …
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