This paper analyses the political constraints of intergenerational risk sharing. The first result is that the political … PAYG still contributes to intergenerational risk sharing. The third result is that aging increases the discrepancy between …

implications for the allocation of risk between generations. There is no reason to presume that the market or the family can … allocate risk efficiently to future generations, implying that stochastic government policies have the potential to create …

scheme. The central feature of the pension fund model is that equity risk manifests itself in the form of implicit taxes and … to wage-differentials, implying that risk-taking and risk-sharing induces distortions in labor markets. I show that labor …-supply effects impede the pension fund from taking advantage of intergenerational risk-sharing. The analysis provides an economic …

implications for the allocation of risk between generations. There is no reason to presume that the market or the family can … allocate risk efficiently to future generations, implying that stochastic government policies have the potential to create …

This paper analyses the political constraints of intergenerational risk sharing. The first result is that the political … PAYG still contributes to intergenerational risk sharing. The third result is that aging increases the discrepancy between …