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Time Consistency and Intergenerational Risk Sharing

Author

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  • Tim Worrall

    () (Department of Economics Keele University)

Abstract

It is shown how intergenerational risk sharing can be achieved by transfers from the young generation to the old generation such that the young generation will never have an incentive to unilaterally renege on the transfer. This contradicts a claim made in Gordon and Varian (1988).

Suggested Citation

  • Tim Worrall, 2000. "Time Consistency and Intergenerational Risk Sharing," Keele Department of Economics Discussion Papers (1995-2001) 2000/17, Department of Economics, Keele University, revised Dec 2000.
  • Handle: RePEc:kee:keeldp:2000/17
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    File URL: http://www.keele.ac.uk/depts/ec/wpapers/0017.pdf
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    More about this item

    Keywords

    Intergenerational risk-sharing; Social compact; Time consistency; Self-enforcing.;

    JEL classification:

    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions

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