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Efficiency and Equity Aspects of Alternative Social Security Rules

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Author Info

  • Svend E. Hougaard Jensen
  • Morten I. Lau
  • Panu Poutvaara

Abstract

This paper studies human-capital formation, labor-supply, and retirement decisions associated with four alternative regimes of social security. We implement a theoretical model with overlapping generations of households and two different ability types within each generation. We find that with a given social security contribution rate, it is better to transfer income to the elderly as old-age benefits, paid independently of labor-market status. This holds with both Bismarckian and Beveridgean benefits. With sufficiently small ability differences, a Bismarckian system of old-age benefits is likely to offer the highest level of utility to all citizens.

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Bibliographic Info

Article provided by Mohr Siebeck, Tübingen in its journal FinanzArchiv.

Volume (Year): 60 (2004)
Issue (Month): 3 (September)
Pages: 325-

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Handle: RePEc:mhr:finarc:urn:sici:0015-2218(200409)60:3_325:eaeaoa_2.0.tx_2-c

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Web page: http://www.mohr.de/fa

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Related research

Keywords: social security; education; retirement; labor supply; general-equilibrium models;

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Cited by:
  1. Poutvaara, Panu, 2007. "Social security incentives, human capital investment and mobility of labor," Journal of Public Economics, Elsevier, vol. 91(7-8), pages 1299-1325, August.
  2. Yvonne Adema & Jan Bonenkamp & Lex Meijdam, 2013. "Flexible Pension Take-up in Social Security," Tinbergen Institute Discussion Papers 13-091/VI, Tinbergen Institute.
  3. J. Ignacio Conde-Ruiz & Vincenzo Galasso & Paola Profeta, 2005. "The Evolution of Retirement," Working Papers 278, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
  4. Morten I. Lau & Panu Poutvaara, 2006. "Social Security Incentives and Human Capital Investment," Finnish Economic Papers, Finnish Economic Association, vol. 19(1), pages 16-24, Spring.
  5. Koethenbuerger, Marko & Poutvaara, Panu & Profeta, Paola, 2008. "Why are more redistributive social security systems smaller? A median voter approach," Munich Reprints in Economics 19459, University of Munich, Department of Economics.
  6. Adema, Y. & Bonenkamp, J. & Meijdam, A.C., 2013. "Flexible Pension Take-up in Social Security," Discussion Paper 2013-043, Tilburg University, Center for Economic Research.
  7. Christian Keuschnigg & Mirela Keuschnigg, 2004. "Aging, Labor Markets, and Pension Reform in Austria," FinanzArchiv: Public Finance Analysis, Mohr Siebeck, Tübingen, vol. 60(3), pages 359-, September.
  8. Tim Krieger & Thomas Lange, 2012. "Education, Life Expectancy and Pension Reform," Hacienda Pública Española, IEF, vol. 202(3), pages 31-55, September.
  9. repec:pdn:wpaper:4 is not listed on IDEAS

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