It is shown how intergenerational risk sharing can be achieved by transfers from the young generation to the old generation such that the young generation will never have an incentive to unilaterally renege on the transfer. This contradicts a claim made in Gordon and Varian (1988).
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Length: 12 pages Date of creation: Feb 2000 Date of revision:
Dec 2000 Handle: RePEc:kee:keeldp:2000/17
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Find related papers by JEL classification: D91 - Microeconomics - - Intertemporal Choice and Growth - - - Intertemporal Consumer Choice; Life Cycle Models and Saving H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
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