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| Tekijä: | Cremer, H. Gahvari, F. Pestieau, P. |
| Otsikko: | Pension with endogenous and stochastic fertility |
| Lehti: | Journal of Public Economics
2006 : DEC, VOL. 90:12, p. 2303-2321 |
| Asiasana: | moral hazard pay social security storage |
| Kieli: | eng |
| Tiivistelmä: | This article examines the design of a pay-as-you-go social security system in an overlapping generations model where fertility is in part stochastic and in part determined through capital investment. It shows that the outcome is characterized by full insurance with all parents, regardless of their number of children, enjoying identical consumption level. With the number of children, benefits must increase and payroll taxes decrease but without observability. |
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