Social Security and Demographic Shocks
An overlapping generations model of social security with productivity and demographic shocks is studied. The authors focus attention on stationary long-run allocations. An allocation is interim optimal if there does not exist another feasible allocation that improves the expected welfare of all generations, computed conditionally on the state of the world when they are born. The authors characterize the set of interim optimal allocations and study the equilibria associated with various institutional forms of social security from the point of view of this optimality criterion. They obtain the analogs of the two traditional welfare theorems of microeconomic theory.
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Volume (Year): 67 (1999)
Issue (Month): 3 (May)
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