A note on intergenerational risk sharing and the design of pay-as-you-go pension programs |
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Authors: | Thogersen O |
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Institution: | (1) SNF and Norwegian School of Economics and Business Administration, Institute of Economics, Helleveien 30, N-5035 Bergen-Sandviken, Norway (Fax: +47 55 959543; e-mail: oystein.thogersen@snf.no), NO |
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Abstract: | Different versions of pay-as-you-go public pension programs may have entirely different effects on the intergenerational
distribution of income risk. If the pension benefit is a fixed proportion of previous labor income, a pay-as-you-go program
increases the net income risk of all generations. On the other hand, a pay-as-you-go program characterized by a fixed labor
income tax rate and uncertain pension benefits provides intergenerational risk sharing.
Received: 10 December 1996 / Accepted: 24 November 1997 |
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Keywords: | : Intergenerational risk sharing social security public pension programs |
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