| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15540 |
| DP15540 Optimal Sustainable Intergenerational Insurance | |
| Francesco Lancia; Alessia Russo; Tim S Worrall | |
| 发表日期 | 2020-12-11 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | How should successive generations insure each other when the enforcement of transfers between them is limited? This paper examines transfers that maximize the expected discounted utility of all generations subject to a participation constraint for each generation. The resulting optimal intergenerational insurance is history dependent even when the environment is stationary. Consequently, consumption is heteroskedastic and autocorrelated across generations. The optimal intergenerational insurance arrangement is interpreted as a pay-as-you-go social security scheme with means testing and a mixture of flat-rate and contributory-related elements. With logarithmic preferences, the pension received when old depends on the contribution rate paid when young. |
| 主题 | Macroeconomics and Growth ; Public Economics |
| 关键词 | Intergenerational insurance Limited commitment Risk sharing Social security Stochastic overlapping generations |
| URL | https://cepr.org/publications/dp15540-0 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/544542 |
| 推荐引用方式 GB/T 7714 | Francesco Lancia,Alessia Russo,Tim S Worrall. DP15540 Optimal Sustainable Intergenerational Insurance. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
