This letter analyzes the impact of economic integration on capital accumulation and capital flows when countries differ in their social security systems. Funding and early retirement both foster capital accumulation relative to pay-as-you-go pensions with flexible retirement. When economies...

We explain why wealthy people often favor estate taxation, while wealthless people oppose it. Wealthy people devote part of their estate to charities. Estate taxation with tax breaks for charities increases contributions to an otherwise underprovided public good.

We argue that risk averse individuals prefer to increase their longevity in the direction of rectangularization of the survival curve instead of an upward shift of that curve. Risk aversion is measured by the concept of fear of ruin.