Efficiency and Equity Aspects of Alternative Social Security Rules∗
نویسندگان
چکیده
This paper studies human capital formation, labor supply and retirement decisions associated with four alternative regimes of social security. We implement a theoretical model with overlapping generations of households and two different ability types within each generation. We find that with a given social security contribution rate, it is better to transfer income to the elderly as old-age benefits, paid independently of labor market status. This holds with both Bismarckian and Beveridgean benefits. With sufficiently small ability differences, a ”Bismarckian” system of old-age benefits is likely to offer the highest level of utility to all citizens. JEL classifications: C68; H55; I21; J22; J26.
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