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A Rights-egalitarian Pay-as-you-go Pension System

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  • Hans-Peter Weikard

Abstract

This paper addresses the problem of intergenerational and intragenerational distribution in a pay-as-you-go pension system. While each generation pays the pensions of the preceding generation, they also bear the burden of raising the next. The burden of child care is unevenly distributed within a generation. Demographic change affects the distribution across generations. To resolve both distributional issues this paper proposes to apply the rights-egalitarian sharing rule. Under this rule individual claims are fully respected; all gains or losses are divided equally. It can be shown that a rights-egalitarian pension system implements full compensation for human capital investments in a long-run equilibrium.

Suggested Citation

  • Hans-Peter Weikard, 2004. "A Rights-egalitarian Pay-as-you-go Pension System," Schmollers Jahrbuch : Journal of Applied Social Science Studies / Zeitschrift für Wirtschafts- und Sozialwissenschaften, Duncker & Humblot, Berlin, vol. 124(3), pages 355-369.
    • Handle: RePEc:aeq:aeqsjb:v124_y2004_i3_q3_p355-369
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    More about this item

    JEL classification:

    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • C71 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Cooperative Games

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