[This item is a preserved copy. To view the original, visit http://econtheory.org/] The de Finetti Theorem is a cornerstone of the Bayesian approach. Bernardo (1996) writes that its "message is very clear: if a sequence of observations is judged to be exchangeable, then any subset of them must...

This paper examines the distributional and efficiency effects of pension privatization in Germany. Starting from a benchmark that refects the current unfunded pension system, a fully funded system is introduced. The accrued benefits of the old system are financed by alternative tax combinations...

Laurence J. Kotlikoff is Professor of Economics at Boston University, Research Associate of the National Bureau of Economic Research, Fellow of the American Academy of Arts and Sciences, Fellow of the Econometric Society, and President of Economic Security Planning, Inc., a company specializing...