Capital accumulation in a stochastic overlapping generations model with social security

• 成果类型: Article
• 署名作者: Hauenschild, N
• 署名单位: University of Hamburg
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1006/jeth.2001.2827
• 发表日期: 2002
• 页码: 201-216
• 关键词: Overlapping generations; Social Security; stationary equilibria; stochastic dominance

摘要

This paper analyzes the impact of pay-as-you-go financed social security on the stochastic process for the capital stock in a stochastic overlapping generations model. It is shown that the probability distribution of the capital stock in absence of social security dominates that in a pay-as-you-go system in the sense of stochastic dominance. Furthermore, the study demonstrates that the sufficient conditions ensuring the existence and uniqueness of stationary equilibria in a pay-as-you-go system are more restrictive than in the model without social security. (C) 2001 Elsevier Science (USA).