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Intergenerational risk sharing and social security in an economy with land

  • Wolfram Richter

Homburg (1990 and 1992) shows that the existence of productive land prevents an economy from being dynamically inefficient. The result is extended to a world with uncertain labour income. It is shown that PAYG social security fails to be Pareto improving on almost all paths of economic growth. Copyright Springer-Verlag 1993

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File URL: http://hdl.handle.net/10.1007/BF03052293
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Article provided by Springer in its journal Journal of Economics.

Volume (Year): 7 (1993)
Issue (Month): 1 (December)
Pages: 91-103

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Handle: RePEc:kap:jeczfn:v:7:y:1993:i:1:p:91-103
Contact details of provider: Web page: http://www.springerlink.com/link.asp?id=108909

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  1. Enders, Walter & Lapan, Harvey E., 1993. "A Model of First and Second-Best Social Security Programs," Staff General Research Papers 10805, Iowa State University, Department of Economics.
  2. Greenwald, Bruce C & Stiglitz, Joseph E, 1986. "Externalities in Economies with Imperfect Information and Incomplete Markets," The Quarterly Journal of Economics, MIT Press, vol. 101(2), pages 229-64, May.
  3. Abel, Andrew B, et al, 1989. "Assessing Dynamic Efficiency: Theory and Evidence," Review of Economic Studies, Wiley Blackwell, vol. 56(1), pages 1-19, January.
  4. Smith, Alasdair, 1982. "Intergenerational transfers as social insurance," Journal of Public Economics, Elsevier, vol. 19(1), pages 97-106, October.
  5. Robert C. Merton, 1983. "On the Role of Social Security as a Means for Efficient Risk Sharing in an Economy Where Human Capital Is Not Tradable," NBER Chapters, in: Financial Aspects of the United States Pension System, pages 325-358 National Bureau of Economic Research, Inc.
  6. Gordon, Roger H. & Varian, Hal R., 1988. "Intergenerational risk sharing," Journal of Public Economics, Elsevier, vol. 37(2), pages 185-202, November.
  7. Rhee, Changyong, 1991. "Dynamic Inefficiency in an Economy with Land," Review of Economic Studies, Wiley Blackwell, vol. 58(4), pages 791-97, July.
  8. Homburg, Stefan, 1992. "Efficient Economic Growth," EconStor Books, ZBW - German National Library of Economics, number 92903.
  9. Stefan Homburg, 1991. "Interest and Growth in an Economy with Land," Canadian Journal of Economics, Canadian Economics Association, vol. 24(2), pages 450-59, May.
  10. Enders, Walter & Lapan, Harvey E., 1982. "Social Security Taxation and Inter-Generational Risk Sharing," Staff General Research Papers 10822, Iowa State University, Department of Economics.
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