suggests that with an appropriately designed income insurance scheme it may be possible to achieve considerable risk sharing in …

A partly heuristic attempt at exploring long-run policies aimed at a second-best compromis between ex ante risk … advocated, together with imposed risk sharing between capital and labour, between generations and between countries belonging to …

generations and demograhic uncertainty. I examine the allocation of risk implied by alternative social security policies and …

intergenerational distribution of income risk. If the pension benefit is a fixed proportion of previous income, a pay-as-you-go program … increases the income risk of all generations. On the other hand, a pay-as-you-go program characterized by a fixed inome tax rate … and uncertain pension benefits provides intergenerational risk sharing. …