A Rights-egalitarian Pay-as-you-go Pension System

Hans-Peter Weikard

Schmollers Jahrbuch : Journal of Applied Social Science Studies / Zeitschrift für Wirtschafts- und Sozialwissenschaften, 2004, vol. 124, issue 3, 355-369

Abstract: This paper addresses the problem of intergenerational and intragenerational distribution in a pay-as-you-go pension system. While each generation pays the pensions of the preceding generation, they also bear the burden of raising the next. The burden of child care is unevenly distributed within a generation. Demographic change affects the distribution across generations. To resolve both distributional issues this paper proposes to apply the rights-egalitarian sharing rule. Under this rule individual claims are fully respected; all gains or losses are divided equally. It can be shown that a rights-egalitarian pension system implements full compensation for human capital investments in a long-run equilibrium.

JEL-codes: C71 D63 H55 (search for similar items in EconPapers)
Date: 2004
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