UNFUNDED PENSIONS AND ENDOGENOUS LABOR SUPPLY

Torben M. Andersen · Joydeep Bhattacharya

22 citations0/0 files storedMacroeconomic Dynamics

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Financial Literacy, Pension, Retirement Analysis Economic theories and models Economic Policies and Impacts

Abstract

A classic result in dynamic public economics states that there is no welfare rationale for pay-as-you-go (PAYG) pensions in a dynamically efficient overlapping-generations economy with exogenous labor supply. Parenthetically, a welfare justification for PAYG pensions exists if the economy is dynamically inefficient. Under the sufficient condition that the old be no less risk-averse than the young, both these results extend to an economy with endogenous labor supply.

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