Presuming an ageing population, every introduction of a pay-as-you-go scheme causes intergenerational redistribution in favor of the first generations and to the burden of young and future generations. Using the concept of internal rates of return we want to examine the extent to which the first...

Presuming an ageing population, every introduction of a pay-as-you-go scheme causes intergenerational redistribution in favor of the first generations and to the burden of young and future generations. Using the concept of internal rates ofreturn we want to examine the extent to which the first...