Hassler, John; Lindbeck, Assar - Institutet för Näringslivsforskning (IFN) - 1997
In an analysis of the risk-sharing properties of different types of pension systems, we show that only a fixed-fee pay …-as-you go (PAYG) pension systems can provide intergenerational risk sharing for living individuals. Under some circumstances …, however, other PAYG pension systems can enhance the expected welfare of all generations by reducing intergenerational income …