Time-Inconsistent Preferences and Social Security
Identifieur interne : 000511 ( Main/Exploration ); précédent : 000510; suivant : 000512Time-Inconsistent Preferences and Social Security
Auteurs : Ay E Mrohoro Lu [États-Unis] ; Selahattin Mrohoro Lu [États-Unis] ; Douglas H. Joines [États-Unis]Source :
- The Quarterly Journal of Economics [ 0033-5533 ] ; 2003-05.
Abstract
In this paper we examine the role of social security in an economy populated by overlapping generations of individuals with time-inconsistent preferences who face mortality risk, individual income risk, and borrowing constraints. We find that unfunded social security lowers the capital stock, output, and consumption for consumers with time-consistent or time-inconsistent preferences. However, it may raise or lower welfare depending on the strength of time inconsistency.
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DOI: 10.1162/003355303321675509
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