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Rentenversicherung bei unsicherer Lebenszeit: Social Security and Uncertain Lifetime

Author

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  • Bräuninger Michael

    (Universität der Bundeswehr Hamburg, Fachbereich Wirtschafts- und Organisationswissenschaften, Institut für Theoretische VWL, Postfach 70 08 22, D-22043 Hamburg.)

Abstract

This paper analyses social security in a model with uncertain lifetime. Finance of social security is modelled in a generalised way. It includes a pay-as-you-go, a fully funded, and an optimal system as special cases. The following results are obtained: Benefits reduce savings, bequests, capital accumulation, income and utility. Funding increases utility in the long run, while it depresses welfare in the short run. An increase in life expectancy induces a higher social security tax. This leads to a reduction in savings, capital accumulation and welfare. This is reversed if individuals recognise higher life expectancy and therefore change time preferences.

Suggested Citation

  • Bräuninger Michael, 1998. "Rentenversicherung bei unsicherer Lebenszeit: Social Security and Uncertain Lifetime," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 217(6), pages 701-717, December.
    • Handle: RePEc:jns:jbstat:v:217:y:1998:i:6:p:701-717
    DOI: 10.1515/jbnst-1998-0604
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