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Assessing social security: Some useful results

Christoph Borgmann

No 97, Discussion Papers from Albert-Ludwigs-Universität Freiburg, Institut für Finanzwissenschaft

Abstract: This paper presents a dense summary of the most fundamental results on the issue of PAYG Social Security. They are presented in a simple and insightful analytical framework by working from the budget constraint of the household. The results presented in detail are a representation of the Aaron-Theorem, the equivalence of debt and Social Security, and a proof that under certain conditions the burden of Social Security on the current young and all future generations equals the benefit payments to the current old. Finally, I include uncertainty in the analysis and touch on the intergenerational risk-sharing implications of Social Security.

JEL-codes: H55 (search for similar items in EconPapers)
Date: 2001
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