Time Consistency and Intergenerational Risk Sharing
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).
|Date of creation:||Feb 2000|
|Date of revision:||Dec 2000|
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