Differential mortality and social security

Antoine Bommier · Marie‐Louise Leroux · Jean‐Marie Lozachmeur

57 citations0/0 files storedCanadian Journal of Economics/Revue canadienne d économique

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Retirement, Disability, and Employment Income, Poverty, and Inequality Financial Literacy, Pension, Retirement Analysis

Abstract

Abstract This paper studies the normative problem of redistribution between individuals who differ in their lifespans. We discuss aspects related to the objective function and argue that aversion to multiperiod inequality should be taken into account. Then, we study the properties of the social optimum both with full information and with asymmetric information. We highlight the role of aversion to multiperiod inequality and show that it has substantial consequences on the design of Social Security schemes. In particular, we show that for a low (resp. high) aversion to multiperiod inequality, a negative (resp. positive) implicit tax rate on continued activity is desirable.

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References

1968Crime and Punishment: An Economic Approach 1955Cardinal Welfare, Individualistic Ethics, and Interpersonal Comparisons of Utility 1981Lectures on Public Economics.2005The Quantity and Quality of Life and the Evolution of World Inequality 1982The Comparison of Multi-Dimensioned Distributions of Economic Status 2003“Economics and Psychology”? The Case of Hyperbolic Discounting*2004Social security programs and retirement around the world 2003Optimal Indirect and Capital Taxation

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