This file is part of IDEAS, which uses RePEc data


[ Papers | Articles | Software | Books | Chapters | Authors | Institutions | JEL Classification | NEP reports | Search | New papers by email | Author registration | Rankings | Volunteers | FAQ | Blog | Help! ]

Intergenerational Risk Sharing in the Spirit of Arrow Debreu and Rawls with Applications to Social Security Design

Author info | Abstract | Publisher info | Download info | Related research | Statistics
Author Info
Laurence Ball
N Gregory Mankiw

Additional information is available for the following registered author(s):

Abstract

This paper examines the optimal allocation of risk in an overlapping-generations economy It compares the allocation of risk the economy reaches naturally to the allocation that would be reached if generations behind a Rawlsian 'veil of ignorance' could share risk with one another through complete Arrow-Debreu contingent-claims markets The paper then examines how the government might implement optimal intergenerational risk sharing with a social security system One conclusion is that the system must either hold equity claims to capital or negatively index benefits to equity returns

Download Info
To download:

If you experience problems downloading a file, check if you have the proper application to view it first. Information about this may be contained in the File-Format links below. In case of further problems read the IDEAS help file. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL: http://www.econ.jhu.edu/pdf/papers/WP478.pdf
File Format: application/pdf
File Function:
Download Restriction: no

Publisher Info
Paper provided by The Johns Hopkins University,Department of Economics in its series Economics Working Paper Archive with number 478.

Download reference. The following formats are available: HTML, plain text, BibTeX, RIS (EndNote), ReDIF
Length:
Date of creation: May 2001
Date of revision:
Handle: RePEc:jhu:papers:478

Contact details of provider:
Postal: 3400 North Charles Street Baltimore, MD 21218
Phone: 410-516-7601
Fax: 410-516-7600
Web page: http://www.econ.jhu.edu
More information through EDIRC

For technical questions regarding this item, or to correct its listing, contact: (Haomiao Yu).

Related research
Keywords:

Other versions of this item:

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Martin Feldstein & Elena Ranguelova, 2001. "Individual Risk in an Investment-Based Social Security System," NBER Working Papers 8074, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  2. Hall, Robert E, 1978. "Stochastic Implications of the Life Cycle-Permanent Income Hypothesis: Theory and Evidence," Journal of Political Economy, University of Chicago Press, vol. 86(6), pages 971-87, December. [Downloadable!] (restricted)
    Other versions:
  3. Andrew B. Abel & N. Gregory Mankiw & Lawrence H. Summers & Richard J. Zeckhauser, 1989. "Assessing Dynamic Efficiency: Theory and Evidence," NBER Working Papers 2097, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  4. Barro, Robert J, 1974. "Are Government Bonds Net Wealth?," Journal of Political Economy, University of Chicago Press, vol. 82(6), pages 1095-1117, Nov.-Dec.. [Downloadable!] (restricted)
  5. Henning Bohn, 1998. "Risk Sharing in a Stochastic Overlapping Generations Economy," University of California at Santa Barbara, Economics Working Paper Series wp3-98, Department of Economics, UC Santa Barbara. [Downloadable!]
    Other versions:
  6. repec:fth:calaec:03-98 is not listed on IDEAS
Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. John Y. Campbell & Yves Nosbusch, 2006. "Intergenerational Risksharing and Equilibrium Asset Prices," NBER Working Papers 12204, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  2. Bruce, Neil & Turnovsky, Stephen J., 2007. "Variable Retirement and the Effects of Social Insurance on Savings, Wealth, and Welfare," Economics Discussion Papers 2007-5, Kiel Institute for the World Economy. [Downloadable!]
  3. Olovsson, Conny, 2004. "The Welfare Gains of Improving Risk Sharing in Social Security," Seminar Papers 728, Stockholm University, Institute for International Economic Studies. [Downloadable!]
  4. Egil Matsen & Øystein Thøgersen, 2000. "Designing Social Security – A Portfolio Choice Approach," Working Paper Series 1102, Department of Economics, Norwegian University of Science and Technology. [Downloadable!]
    Other versions:
  5. Jovan Zamac, 2005. "Pension Design when Fertility Fluctuates: The Role of Capital Mobility and Education Financing," CESifo Working Paper Series CESifo Working Paper No. , CESifo GmbH. [Downloadable!]
  6. Bruce, Neil & Turnovsky, Stephen J., 2007. "Uncertain Retirement and the Effects of Social Insurance on Savings, Wealth, and Welfare," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy, vol. 1(2). [Downloadable!]
  7. Piero Gottardi & Felix Kubler, 2006. "Social Security and Risk Sharing," Working Papers 2006_38, University of Venice "Ca' Foscari", Department of Economics. [Downloadable!]
    Other versions:
  8. Espen Henriksen & Steve Spear, 2006. "Dynamic Suboptimality of Competitive Equilibrium in Multiperiod Overlapping Generations Economies," Computing in Economics and Finance 2006 223, Society for Computational Economics. [Downloadable!]
    Other versions:
Statistics
Access and download statistics

Did you know? All top Economics journals are listed on RePEc.

This page was last updated on 2008-7-11.

This information is provided to you by IDEAS at the Department of Economics, College of Liberal Arts and Sciences, University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics.