The Dynamic Effects of Social Security on Individual Consumption, Wealth and Welfare
This paper presents a theoretical investigation of the dynamic effects of social security on individual consumption, wealth and welfare. The framework of analysis is Yaari's (1965) life-cycle model of saving with uncertain lifetime and borrowing constraint. A simple uniform social security system as well as an actuarially fair and fully funded social security system is considered. The presence of terminal wealth depletion is shown to play a pivotal role not only in the derivation of the results but also in the outcome of the analysis. Copyright Blackwell Publishing, Inc. 2002.
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Volume (Year): 4 (2002)
Issue (Month): 4 (October)
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