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On the Role of Social Security as a Means for Efficient Risk-Bearing in an Economy Where Human Capital Is Not Tradeable
7 references·16 citing·47 second hop
On the Role of Social Security as a Means for Efficient Risk-Bearing in an Economy Where Human Capital Is Not Tradeable (1981)On the Role of Social Security as a Means…Uncertainty and Optimal Social Security Systems (1981)Uncertainty and Optimal Socia…The Family as an Incomplete Annuities Market (1979)The Family as an Incomplete A…A framework for social security analysis (1977)A framework for social securi…THE STRONG CASE FOR THE GENERALIZED LOGARITHMIC UTILITY MODEL AS THE PREMIER MODEL OF FINANCIAL MARKETS (1976)THE STRONG CASE FOR THE GENER…LIFETIME PORTFOLIO SELECTION BY DYNAMIC STOCHASTIC PROGRAMMING (1975)LIFETIME PORTFOLIO SELECTION …Social Security, Induced Retirement, and Aggregate Capital Accumulation (1974)Social Security, Induced Reti…Are Government Bonds Net Wealth? (1974)Are Government Bonds Net Weal…IDIOSYNCRATIC RISK, AGGREGATE RISK, AND THE WELFARE EFFECTS OF SOCIAL SECURITY (2018)IDIOSYNCRATIC RISK, AGGREGATE…Optimal Design of Funded Pension Schemes (2014)Optimal Design of Funded Pens…Social Security Incidence under Uncertainty Assessing Italian Reforms (2009)Social Security Incidence und…Planning for the optimal mix of paygo tax and funded savings (2006)Planning for the optimal mix …Intergenerational Risk Sharing by Means of Pay-as-You-Go Programs - an Investigation of Alternative Mechanisms (2006)Intergenerational Risk Sharin…Pensions as a portfolio problem: fixed contribution rates vs. fixed replacement rates reconsidered (2003)Pensions as a portfolio probl…On intergenerational risk sharing within social security schemes (2003)On intergenerational risk sha…Financing Retirement in the European Union (2003)Financing Retirement in the E…"Will Social Security Be There For You?": How Americans Perceive Their Benefits (2003)"Will Social Security Be Ther…Social Security and Democracy (2002)Social Security and DemocracyKapitaldeckungs- versus Umlageverfahren (2000)Kapitaldeckungs- versus Umlag…Welfare and comparative statics implications of fair social security (1986)Welfare and comparative stati…Population Age Structure and the Size of Social Security (1984)Population Age Structure and …On Consumption-Indexed Public Pension Plans (1982)On Consumption-Indexed Public…Intergenerational transfers as social insurance (1982)Intergenerational transfers a…Issues in Pension EconomicsIssues in Pension EconomicsFinite state markov-chain approximations to univariate and vector autoregressions (1986)Saving and Liquidity Constraints (1989)Labor supply flexibility and portfolio choice in a life cycle model (1992)Banking Crisis Resolution Policy - Lessons from Recent Experience - Which Elements are Needed for Robust and Efficient Crisis Resolution? 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(1996)Utility Analysis and the Consumption Function: An Interpretation of Cross-Section Data (2013)The Cost of Capital, Corporation Finance and the Theory of Investment (1958)The Pricing of Options and Corporate Liabilities (1973)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)A Multivariate Model of Strategic Asset Allocation (2001)Consensus Consumer and Intertemporal Asset Pricing with Heterogeneous Beliefs (2007)Returns of claims on the upside and the viability of U-shaped pricing kernels☆ (2010)An Economic Theory of Democracy. (1958)A Rational Theory of the Size of Government (1981)Africa's Growth Tragedy: Policies and Ethnic Divisions (1997)Endogenous Political Institutions (2002)Precautionary Saving and Accidental Bequests (1985)Is Everything Neutral? (1986)Ricardian Equivalence: An Evaluation of Theory and Evidence (1987)On the private provision of public goods (1986)Giving with Impure Altruism: Applications to Charity and Ricardian Equivalence (1989)Nobel Lecture: The Economic Way of Looking at Behavior (1993)Consumption puzzles and precautionary savings (1990)Endogenous lifetime and economic growth (2003)Consumption inequality and partial insurance (2017)
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References

  • 1974Are Government Bonds Net Wealth?5,990 cited
  • 1975LIFETIME PORTFOLIO SELECTION BY DYNAMIC STOCHASTIC PROGRAMMING1,941 cited
  • 1974Social Security, Induced Retirement, and Aggregate Capital Accumulation1,704 cited
  • 1979The Family as an Incomplete Annuities Market552 cited
  • 1977A framework for social security analysis409 cited
  • 1976THE STRONG CASE FOR THE GENERALIZED LOGARITHMIC UTILITY MODEL AS THE PREMIER MODEL OF FINANCIAL MARKETS212 cited
  • 1981Uncertainty and Optimal Social Security Systems135 cited

Cited by

  • 2002Social Security and Democracy87 cited
  • 1982Intergenerational transfers as social insurance51 cited
  • 2009Social Security Incidence under Uncertainty Assessing Italian Reforms51 cited
  • 2006Planning for the optimal mix of paygo tax and funded savings49 cited
  • 2003"Will Social Security Be There For You?": How Americans Perceive Their Benefits49 cited
  • 2003On intergenerational risk sharing within social security schemes46 cited
  • 1982On Consumption-Indexed Public Pension Plans45 cited
  • 2003Pensions as a portfolio problem: fixed contribution rates vs. fixed replacement rates reconsidered

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41 cited
  • 2000Kapitaldeckungs- versus Umlageverfahren41 cited
  • 1984Population Age Structure and the Size of Social Security35 cited
  • n.d.Issues in Pension Economics35 cited
  • 2006Intergenerational Risk Sharing by Means of Pay-as-You-Go Programs - an Investigation of Alternative Mechanisms34 cited
  • 2003Financing Retirement in the European Union33 cited
  • 1986Welfare and comparative statics implications of fair social security30 cited
  • 2018IDIOSYNCRATIC RISK, AGGREGATE RISK, AND THE WELFARE EFFECTS OF SOCIAL SECURITY30 cited
  • 2014Optimal Design of Funded Pension Schemes27 cited