UNFUNDED PENSIONS AND ENDOGENOUS LABOR SUPPLY

Torben M. Andersen and Joydeep Bhattacharya

Macroeconomic Dynamics, 2013, vol. 17, issue 5, 971-997

Abstract: A classic result in dynamic public economics states that there is no welfare rationale for pay-as-you-go (PAYG) pensions in a dynamically efficient overlapping-generations economy with exogenous labor supply. Parenthetically, a welfare justification for PAYG pensions exists if the economy is dynamically inefficient. Under the sufficient condition that the old be no less risk-averse than the young, both these results extend to an economy with endogenous labor supply.

Date: 2013
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Related works:
Working Paper: Unfunded Pensions and Endogenous Labor Supply (2013)
Working Paper: Unfunded Pensions and Endogenous Labor Supply (2012)
Working Paper: Unfunded pensions and endogenous labor supply (2012)
Working Paper: Unfunded pensions and endogenous labor supply (2009)
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