Time Consistency and Intergenerational Risk Sharing

Timothy Worrall

No 2000/17, Keele Department of Economics Discussion Papers (1995-2001) from Department of Economics, Keele University

Abstract: It is shown how intergenerational risk sharing can be achieved by transfers from the young generation to the old generation such that the young generation will never have an incentive to unilaterally renege on the transfer. This contradicts a claim made in Gordon and Varian (1988).

Keywords: Intergenerational risk-sharing; Social compact; Time consistency; Self-enforcing. (search for similar items in EconPapers)
JEL-codes: D91 H55 (search for similar items in EconPapers)
Pages: 12 pages
Date: 2000-02, Revised 2000-12
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