This paper focuses on precautionary saving against uncertain longevity and on the annuity insurance aspects of social security within the life-cycle framework. The principal findings are three. First, the evolution of social security is reviewed in response to missing markets for providing...

This paper focuses on precautionary saving against uncertain longevity and on the annuity insurance aspects of social security within the life-cycle framework. The principal findings are three. First, the evolution of social security is reviewed in response to missing markets for providing...

Although there have been several studies of the effect of social security on private saving, there has been no attempt to measure the welfare cost of this distortion. The present paper develops an analytic framework for this evaluation and presents numerical calculations

Although there have been several studies of the effect of social security on private saving, there has been no attempt to measure the welfare cost of this distortion. The present paper develops an analytic framework for this evaluation and presents numerical calculations