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Population Aging and Social Security: A Politico-Economic Model of State Pension Financing

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  • von Weizsacker, Robert K

Abstract

This paper attempts to provide a positive, politico-economic explanation of actual social security policies. An overlapping generations framework integrating individual utility maximization and government maximization of expected political support is devised. The relation between net economic position, public policy parameters, and individual voting probabilities is made explicit by referring to the logit model of qualitative choice. Optimal state pension policies are characterized, relating such diverse factors as population aging, political power distribution, social solidarity, and income taxation.

Suggested Citation

  • von Weizsacker, Robert K, 1990. "Population Aging and Social Security: A Politico-Economic Model of State Pension Financing," Public Finance = Finances publiques, , vol. 45(3), pages 491-509.
    • Handle: RePEc:pfi:pubfin:v:45:y:1990:i:3:p:491-509
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    Cited by:

    1. Harrie Verbon & Marijn Verhoeven, 1992. "Decision making on pension schemes under rational expectations," Journal of Economics, Springer, vol. 56(1), pages 71-97, February.
    2. Marek Loužek, 2007. "Pension Reform in the Czech Republic - A Contribution into the Debate," Prague Economic Papers, Prague University of Economics and Business, vol. 2007(1), pages 55-69.
    3. Siebert, Horst, 1997. "Pay-as-you-go versus capital funded pension systems: the issues," Kiel Working Papers 816, Kiel Institute for the World Economy (IfW Kiel).

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