Rentenversicherung bei unsicherer Lebenszeit: Social Security and Uncertain Lifetime
Michael Bräuninger ()
Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), 1998, vol. 217, issue 6, 701-717
This paper analyses social security in a model with uncertain lifetime. Finance of social security is modelled in a generalised way. It includes a pay-as-you-go, a fully funded, and an optimal system as special cases. The following results are obtained: Benefits reduce savings, bequests, capital accumulation, income and utility. Funding increases utility in the long run, while it depresses welfare in the short run. An increase in life expectancy induces a higher social security tax. This leads to a reduction in savings, capital accumulation and welfare. This is reversed if individuals recognise higher life expectancy and therefore change time preferences.
Keywords: Social security; uncertain lifetime; generalized finance; increase in life expectancy. (search for similar items in EconPapers)
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