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The Dynamic Effects of Social Security on Individual Consumption, Wealth and Welfare

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  • Siu Fai Leung

Abstract

This paper presents a theoretical investigation of the dynamic effects of social security on individual consumption, wealth and welfare. The framework of analysis is Yaari's (1965) life-cycle model of saving with uncertain lifetime and borrowing constraint. A simple uniform social security system as well as an actuarially fair and fully funded social security system is considered. The presence of terminal wealth depletion is shown to play a pivotal role not only in the derivation of the results but also in the outcome of the analysis. Copyright Blackwell Publishing, Inc. 2002.

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Bibliographic Info

Article provided by Association for Public Economic Theory in its journal Journal of Public Economic Theory.

Volume (Year): 4 (2002)
Issue (Month): 4 (October)
Pages: 581-612

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Handle: RePEc:bla:jpbect:v:4:y:2002:i:4:p:581-612

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Cited by:
  1. Leung, Siu Fai, 2007. "The existence, uniqueness, and optimality of the terminal wealth depletion time in life-cycle models of saving under uncertain lifetime and borrowing constraint," Journal of Economic Theory, Elsevier, vol. 134(1), pages 470-493, May.

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