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.
|Date of creation:||Sep 2010|
|Date of revision:||Sep 2010|
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- 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.
- Martin Gonzalez-Eiras & Dirk Niepelt, 2007.
"The Future of Social Security,"
07.02, Swiss National Bank, Study Center Gerzensee.
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