will result in a reduction of average welfare and an increase in the income inequality between workers and retired people/individuals. …

their productivity. Productivity depends stochastically on parents' unobservable investment in their child's human capital …'s children. We decompose the effects of social security on the investment in human capital into an incentive effect, an insurance …

lifetime utility but also their old parents’ and children’s well-being. The double altruistic agents choose amounts of … intergenerational transfers to their old parents and children as well as private savings. The government specifies amounts of public … supporting elders and children into account. Using the 14 countries’ data from the National Transfer Accounts (NTA), we estimate …