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Transition from a pay-as-you-go to a fully-funded pension system: The case of differing individuals and intragenerational fairness

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  • Brunner, Johann K.

Abstract

In recent contributions to the theory of public pension systems it was argued that a Pareto-improving transition from an established unfunded pension system to a funded one is possible. This result is derived in an overlapping-generations model with identical individuals. In the present study an extended model, with differing individuals, of an intragenerationally fair unfunded pension scheme is introduced. Within this more realistic framework it is shown that, in general, a Pareto-improving transition to a funded system is not possible, because any instrument applied for the financing of pensions in the phase of transition involves intragenerational redistribution. --

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Bibliographic Info

Paper provided by University of Konstanz, Department of Economics in its series Discussion Papers, Series I with number 266.

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Date of creation: 1993
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Handle: RePEc:zbw:kondp1:266

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Postal: D-78457 Konstanz
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  1. Hellwig, Martin F., 1986. "The optimal linear income tax revisited," Journal of Public Economics, Elsevier, Elsevier, vol. 31(2), pages 163-179, November.
  2. Brunner, Johann K., 1993. "Redistribution and the efficiency of the pay-as-you-go pension system," Discussion Papers, Series I 265, University of Konstanz, Department of Economics.
  3. Breyer, Friedrich & Straub, Martin, 1991. "Welfare effects of unfunded pension systems when labor supply is endogenous," Discussion Papers, Series I 252, University of Konstanz, Department of Economics.
  4. Homburg, Stefan & Richter, Wolfram, 1990. "Eine effizienzorientierte Reform der GRV," EconStor Open Access Articles, ZBW - German National Library of Economics, pages 183-191..
  5. Homburg, Stefan, 2014. "The Efficiency of Unfunded Pension Schemes," Hannover Economic Papers (HEP), Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät dp-523, Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät.
  6. Seade, Jesus, 1982. "On the Sign of the Optimum Marginal Income Tax," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 49(4), pages 637-43, October.
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