A note on intergenerational risk sharing and the design of pay-as-you-go pension programs

Ûystein ThÛgersen ()
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Ûystein ThÛgersen: SNF and Norwegian School of Economics and Business Administration, Institute of Economics, Helleveien 30, N-5035 Bergen-Sandviken, Norway

Journal of Population Economics, 1998, vol. 11, issue 3, 373-378

Abstract: Different versions of pay-as-you-go public pension programs may have entirely different effects on the intergenerational distribution of income risk. If the pension benefit is a fixed proportion of previous labor income, a pay-as-you-go program increases the net income risk of all generations. On the other hand, a pay-as-you-go program characterized by a fixed labor income tax rate and uncertain pension benefits provides intergenerational risk sharing.

Keywords: Intergenerational; risk; sharing; ·; social; security; ·; public; pension; programs (search for similar items in EconPapers)
JEL-codes: H55 (search for similar items in EconPapers)
Date: 1998-07-30
Note: Received: 10 December 1996 / Accepted: 24 November 1997
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Citations: View citations in EconPapers (22)

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