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Compensating the Dead? Yes we can!

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Abstract

An early death is, undoubtedly, a serious disadvantage. However, the compensation of short-lived individuals has remained so far largely unexplored, probably because it appears infeasible. Indeed, short-lived agents can hardly be identified ex ante, and cannot be compensated ex post. We argue that, despite the above difficulties, compensation can be carried out by encouraging early consumption in the life cycle. In a model with heterogeneous preferences and longevities, we show how a specific social criterion can be derived from intuitive principles, and we study the corresponding optimal policy under various informational assumptions. We also study the robustness of our solution to alternative types of preferences and savings policies.

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Bibliographic Info

Paper provided by Institut d'economie publique (IDEP), Marseille, France in its series IDEP Working Papers with number 1005.

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Length: 36 pages
Date of creation: 20 Oct 2010
Date of revision: 20 Oct 2010
Handle: RePEc:iep:wpidep:1005

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Keywords: Compensation; Longevity; Mortality; Fairness; Redistribution.;

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  1. How to compensate the short-lived
    by Economic Logician in Economic Logic on 2010-11-23 15:31:00
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Cited by:
  1. Delprat, Gaëtan & Leroux, Marie-Louise & Michaud, Pierre-Carl, 2013. "Evidence on Individual Preferences for Longevity Risk," IZA Discussion Papers 7317, Institute for the Study of Labor (IZA).
  2. repec:hal:wpaper:halshs-00746913 is not listed on IDEAS
  3. Gregory Ponthiere, 2013. "Fair Accumulation under Risky Lifetime," Scottish Journal of Political Economy, Scottish Economic Society, vol. 60(2), pages 210-230, 05.
  4. repec:hal:psewpa:halshs-00746913 is not listed on IDEAS

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  1. Economic Logic blog

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