This paper experimentally studies the effects of competitive rivalry in a social dilemma where people's actions cannot be contractually fixed. We find that, in comparison with no rivalry, the presence of rivalry does neither increase efficiency nor does it yield any gains in earnings for the...

This paper provides a unified treatment of externalities associated with fertility and human capital accumulation within pay-as-you-go pension systems. It considers an overlapping generations model in which every generation consists of high earners and low earners with the proportion of types...