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Efficiency and Equity Aspects of Alternative Social Security Rules

  • Svend E. Hougaard Jensen
  • Morten I. Lau
  • Panu Poutvaara

This paper studies human-capital formation, labor-supply, and retirement decisions associated with four alternative regimes of social security. We implement a theoretical model with overlapping generations of households and two different ability types within each generation. We find that with a given social security contribution rate, it is better to transfer income to the elderly as old-age benefits, paid independently of labor-market status. This holds with both Bismarckian and Beveridgean benefits. With sufficiently small ability differences, a Bismarckian system of old-age benefits is likely to offer the highest level of utility to all citizens.

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Article provided by Mohr Siebeck, Tübingen in its journal FinanzArchiv.

Volume (Year): 60 (2004)
Issue (Month): 3 (September)
Pages: 325-

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Handle: RePEc:mhr:finarc:urn:sici:0015-2218(200409)60:3_325:eaeaoa_2.0.tx_2-c
Contact details of provider: Web page: http://www.mohr.de/fa

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