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A Model for Determining Consumption and Social Assistance Demand in Uncertainty Conditions

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  • Paolo Melindi Ghidi

    ()
    (Università degli Studi di Bologna)

Abstract

This article focuses on the relation between demographic impact and social insurance and consists of two distinct yet closely related sections. The first section introduces a three overlapping generation model which tries to determine the ageing effects on the individual consumption and saving decisions in a partial equilibrium approach. The second section, instead, aims at providing a theory on the need to set up an ad hoc non self-sufficiency fund. It is shown that this mandatory and universal social insurance can guarantee a relatively higher ex-post individual welfare level when the individual fails to get insured and makes his decisions in uncertainty conditions, that is, reacting to risks in an imperfect way through the setting up of a precautionary saving fund.

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File URL: http://www.rivistapoliticaeconomica.it/2005/nov-dic/Melindi-Ghidi_eng.pdf
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Article provided by SIPI Spa in its journal Rivista di Politica Economica.

Volume (Year): 95 (2005)
Issue (Month): 6 (November-December)
Pages: 167-198

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Handle: RePEc:rpo:ripoec:v:95:y:2005:i:6:p:167-198

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  1. Pierre-Olivier Gourinchas & Jonathan A. Parker, 1999. "Consumption Over the Life Cycle," NBER Working Papers 7271, National Bureau of Economic Research, Inc.
  2. Levhari, David & Mirman, Leonard J, 1977. "Savings and Consumption with an Uncertain Horizon," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 85(2), pages 265-81, April.
  3. Attanasio, Orazio P, et al, 1999. "Humps and Bumps in Lifetime Consumption," Journal of Business & Economic Statistics, American Statistical Association, American Statistical Association, vol. 17(1), pages 22-35, January.
  4. Monacelli Daniela, 1998. "Per una riforma dello stato sociale: le politiche di assistenza," Politica economica, Società editrice il Mulino, issue 1, pages 97-154.
  5. Cagetti, Marco, 2003. "Wealth Accumulation over the Life Cycle and Precautionary Savings," Journal of Business & Economic Statistics, American Statistical Association, American Statistical Association, vol. 21(3), pages 339-53, July.
  6. Davies, James B, 1981. "Uncertain Lifetime, Consumption, and Dissaving in Retirement," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 89(3), pages 561-77, June.
  7. Leibenstein, Harvey, 1974. "An Interpretation of the Economic Theory of Fertility: Promising Path or Blind Alley?," Journal of Economic Literature, American Economic Association, vol. 12(2), pages 457-79, June.
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