Capital accumulation, welfare and the emergence of pension fund activism

Pascal Belan, Philippe Michel and Bertrand Wigniolle ()
Additional contact information
Bertrand Wigniolle: CES - Centre d'économie de la Sorbonne - CNRS : UMR8174 - Université Panthéon-Sorbonne - Paris I, EEP-PSE - Ecole d'Économie de Paris - Paris School of Economics - Ecole d'Économie de Paris

Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) from HAL

Abstract: This paper presents an overlapping generations model with altruistic consumers, in which pension funds, by holding a signi...cant share of capital assets, produce non competitive behavior. We study the consequences of such behavior on capital accumulation and welfare in the long run when subsidies are associated with contributions to pension funds. If bequests are operative and the subsidy rate is not too high, the capital stock increases with the introduction of pension funds, and this increases long run utility. If bequests are not operative without pension funds, the rise in long-run welfare is no longer guaranteed, even if the subsidy rate is low.

Keywords: imperfect competition; capital accumulation; pension funds; altruism (search for similar items in EconPapers)
Date: 2007-03
Note: View the original document on HAL open archive server: http://halshs.archives-ouvertes.fr/halshs-00268847/en/
View list of references

Published, FinanzArchiv Public Finance Analysis, 2007, 23, 2, 54-82

Downloads: (external link)
http://halshs.archives-ouvertes.fr/docs/00/26/88/47/PDF/finanzarchiv.pdf (application/pdf)

Related works:
Journal Article: Capital Accumulation, Welfare, and the Emergence of Pension-Fund Activism (2007)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: http://EconPapers.repec.org/RePEc:hal:cesptp:halshs-00268847_v1

Access Statistics for this paper

More papers in Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) from HAL
Series data maintained by CCSD ().