Matsen, E.; Thogersen, O. - Norges Handelshøyskole (NHH) - 2001
Public social security systems may provide diversification of risks to individuals' life-time income. Capturing that a pay-as-you-go program (paygo) may be considered as a "quasi-asset", we study the optimal size of the social security program as well as the optimal split between a funded part...