Population Aging and Social Security: A Politico-Economic Model of State Pension Financing

Robert K von Weizsacker

Public Finance = Finances publiques, 1990, vol. 45, issue 3, 491-509

Abstract: This paper attempts to provide a positive, politico-economic explanation of actual social security policies. An overlapping generations framework integrating individual utility maximization and government maximization of expected political support is devised. The relation between net economic position, public policy parameters, and individual voting probabilities is made explicit by referring to the logit model of qualitative choice. Optimal state pension policies are characterized, relating such diverse factors as population aging, political power distribution, social solidarity, and income taxation.

Date: 1990
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Persistent link: https://EconPapers.repec.org/RePEc:pfi:pubfin:v:45:y:1990:i:3:p:491-509

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