Unfunded pensions and endogenous labor supply
Torben M. Andersen and
Joydeep Bhattacharya
ISU General Staff Papers from Iowa State University, Department of Economics
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 neoclassical economy with exogenous labor supply. Parenthetically, a welfare justification for PAYG pensions exists if the economy is dynamically inefficient. Under a sufficient condition that the old be no less risk-averse than the young, these results extend to an economy with endogenous labor supply.
Date: 2012-02-10
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Related works:
Journal Article: UNFUNDED PENSIONS AND ENDOGENOUS LABOR SUPPLY (2013) 
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 (2009) 
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