The Dynamic Effects of Social Security on Individual Consumption, Wealth and Welfare
AbstractThis 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 InfoArticle provided by Association for Public Economic Theory in its journal Journal of Public Economic Theory.
Volume (Year): 4 (2002)
Issue (Month): 4 (October)
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=1097-3923
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- 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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