Pareto efficiency of the pay-as-you-go pension system in a three-period-OLG model
The paper considers an unfunded linear pension system when workers make labor decisions more often than once in their life. To capture this feature, a three-period-overlapping-generations model is employed. On the one hand, the paper analyzes whether or not a Pay-as-you-go pension scheme is intergenerational Pareto efficient when labor is elastically supplied by the young and the middle-aged people. On the other hand, the focus is on the interregional efficiency of a Pay-as-you-go system when young and middle-aged workers are mobile.
|Date of creation:||1998|
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- Homburg, Stefan, 2014.
"The Efficiency of Unfunded Pension Schemes,"
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dp-523, Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät.
- Breyer, Friedrich & Kolmar, Martin, 1994. "Does the common labor market imply the need for a European public pension system?," Discussion Papers, Series II 244, University of Konstanz, Collaborative Research Centre (SFB) 178 "Internationalization of the Economy".
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