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Viability of pay-as-you-go systems

Author

Listed:
  • Franck Maurin

    (Universit, de Paris Dauphine, place du Mar, chal de Lattre de Tassigny, 75016, Paris, France)

  • Patrick Saint-Pierre

    (Universit, de Paris Dauphine, place du Mar, chal de Lattre de Tassigny, 75016, Paris, France)

  • Jean-Pierre Aubin

    (Universit, de Paris Dauphine, place du Mar, chal de Lattre de Tassigny, 75016, Paris, France)

  • No, l Bonneuil

    (Institut national des , tudes d, mographiques, and , cole des hautes , tudes en sciences sociales, 133, bld Davout, 75980 Paris Cedex 20, France)

Abstract

When the dependency ratio inactive/active increases to intolerable proportions, the question arises as to how and when pay-as-you-go social security systems can be controlled so as to safeguard a decent way of life to everyone. Between uncertainty linked to wages and the interest rate, and room to manœuvre the age of retirement and the immediate transfer from workers to pensioners, not just any route permits this objective. The set of those which do is here delineated (the viability kernel tube), and the operations at any time necessary to control trajectories so as they remain in this set are identified (the regulation map). Finally, the flexibility necessary to avoid failure, from any state reached by the pay-as-you-go system, is inferred in timing and magnitude.

Suggested Citation

  • Franck Maurin & Patrick Saint-Pierre & Jean-Pierre Aubin & No, l Bonneuil, 2001. "Viability of pay-as-you-go systems," Journal of Evolutionary Economics, Springer, vol. 11(5), pages 555-571.
    • Handle: RePEc:spr:joevec:v:11:y:2001:i:5:p:555-571
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