Social security as Markov equilibrium in OLG models: a note
I refine and extend the Markov perfect equilibrium of the social security policy game in Forni (2005) for the special case of logarithmic utility. Under the restriction that the policy function be continuous, instead of differentiable, the equilibrium is globally well defined and its dynamics always stable. (Copyright: Elsevier)
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Volume (Year): 14 (2011)
Issue (Month): 3 (July)
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- Martin Gonzalez-Eiras & Dirk Niepelt, 2007.
"The Future of Social Security,"
07.02, Swiss National Bank, Study Center Gerzensee.
- Kaiji Chen & Zheng Song, 2014.
"Markovian Social Security in Unequal Societies,"
Scandinavian Journal of Economics,
Wiley Blackwell, vol. 116(4), pages 982-1011, October.
- Mateos-Planas, Xavier, 2008. "A quantitative theory of social security without commitment," Journal of Public Economics, Elsevier, vol. 92(3-4), pages 652-671, April.
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