| 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 | Optimal intergenerational insurance is examined in a stochastic overlapping generations endowment economy with limited enforcement of risk-sharing transfers. Transfers are chosen by a benevolent planner who maximizes the expected discounted utility of all generations while respecting the participation constraint of each generation. We show that the optimal sustainable intergenerational insurance is history dependent. The risk from a shock is unevenly spread into the future, generating heteroscedasticity and autocorrelation of consumption even in the long run. The optimum can be interpreted as a social security scheme characterized by a minimum welfare entitlement for the old and state-contingent entitlement thresholds. |
| 主题 | Macroeconomics and Growth ; Public Economics |
| 关键词 | Intergenerational insurance Limited commitment Risk sharing Stochastic overlapping generations |
| URL | https://cepr.org/publications/dp15540 |
| 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/544543 |
| 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。 | |||||
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