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A NOTE ON SOCIAL SECURITY WELFARE WITH SELF-CONTROL PROBLEMS

机译:关于具有自我控制问题的社会保障福利的说明

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摘要

We develop an overlapping-generations model for a closed economy with uncertainty on labor income and mortality risk to show that unfunded social security programs may increase welfare in economies where agents are affected by self-control problems a la Gul and Pesendorfer (2001, Econometrica 69,1403). We depart from the existing literature by setting the agent's preference parameters to match target levels of macro-variables observed in the real U.S. economy. In our approach, economies with tempted and nontempted agents are indistinguishable in terms of aggregate consumption, labor, and saving behavior when social security provides a replacement rate of 40% (as in the United States). This situation makes agents bear costly self-control problems over more years. Our simulations indicate that social security improves welfare with degrees of temptation equal to 11% or higher. A social security program with a replacement rate of 40% finds support for degrees of temptation not lower than 15%.
机译:我们为劳动者收入和死亡风险具有不确定性的封闭经济开发了一个世代重叠模型,以表明没有资金支持的社会保障计划可能会在代理商受到自我控制问题影响的经济体中增加福利(la Gul and Pesendorfer(2001,Econometrica 69) ,1403)。我们通过设置代理的偏好参数以匹配在美国实际经济中观察到的宏观变量的目标水平来偏离现有文献。在我们的方法中,当社会保障提供40%的替代率时(如在美国),具有诱惑者和不受诱惑者的经济体在总消费,劳动力和储蓄行为方面是无法区分的。这种情况使代理商在过去的几年中承担了昂贵的自我控制问题。我们的模拟表明,社会保障可以提高诱惑程度等于或高于11%的福利。替代率为40%的社会保障计划发现对诱惑程度的支持度不低于15%。

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