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IDIOSYNCRATIC RISK, AGGREGATE RISK, AND THE WELFARE EFFECTS OF SOCIAL SECURITY
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| Zeitschriftentitel: | International Economic Review |
|---|---|
| Personen und Körperschaften: | , |
| In: | International Economic Review, 60, 2019, 2, S. 661-692 |
| Format: | E-Article |
| Sprache: | Englisch |
| veröffentlicht: |
Wiley
|
| Schlagwörter: |
| author_facet |
Harenberg, Daniel Ludwig, Alexander Harenberg, Daniel Ludwig, Alexander |
|---|---|
| author |
Harenberg, Daniel Ludwig, Alexander |
| spellingShingle |
Harenberg, Daniel Ludwig, Alexander International Economic Review IDIOSYNCRATIC RISK, AGGREGATE RISK, AND THE WELFARE EFFECTS OF SOCIAL SECURITY Economics and Econometrics |
| author_sort |
harenberg, daniel |
| spelling |
Harenberg, Daniel Ludwig, Alexander 0020-6598 1468-2354 Wiley Economics and Econometrics http://dx.doi.org/10.1111/iere.12365 <jats:title>Abstract</jats:title><jats:p>We ask whether a pay‐as‐you‐go financed social security system is welfare improving in an economy with idiosyncratic and aggregate risk. We show that the whole welfare benefit from insurance against both risks is greater than the sum of benefits from insurance against the isolated risks. One reason is the convexity of the welfare gain. The other reason is a direct risk interaction amplifying the utility losses from risk. Our quantitative evaluation shows that introducing a minimum pension leads to sizeable welfare gains, despite substantial crowding out. About 60% of these gains would be missing from summing up the isolated benefits.</jats:p> IDIOSYNCRATIC RISK, AGGREGATE RISK, AND THE WELFARE EFFECTS OF SOCIAL SECURITY International Economic Review |
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International Economic Review |
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| title |
IDIOSYNCRATIC RISK, AGGREGATE RISK, AND THE WELFARE EFFECTS OF SOCIAL SECURITY |
| title_unstemmed |
IDIOSYNCRATIC RISK, AGGREGATE RISK, AND THE WELFARE EFFECTS OF SOCIAL SECURITY |
| title_full |
IDIOSYNCRATIC RISK, AGGREGATE RISK, AND THE WELFARE EFFECTS OF SOCIAL SECURITY |
| title_fullStr |
IDIOSYNCRATIC RISK, AGGREGATE RISK, AND THE WELFARE EFFECTS OF SOCIAL SECURITY |
| title_full_unstemmed |
IDIOSYNCRATIC RISK, AGGREGATE RISK, AND THE WELFARE EFFECTS OF SOCIAL SECURITY |
| title_short |
IDIOSYNCRATIC RISK, AGGREGATE RISK, AND THE WELFARE EFFECTS OF SOCIAL SECURITY |
| title_sort |
idiosyncratic risk, aggregate risk, and the welfare effects of social security |
| topic |
Economics and Econometrics |
| url |
http://dx.doi.org/10.1111/iere.12365 |
| publishDate |
2019 |
| physical |
661-692 |
| description |
<jats:title>Abstract</jats:title><jats:p>We ask whether a pay‐as‐you‐go financed social security system is welfare improving in an economy with idiosyncratic and aggregate risk. We show that the whole welfare benefit from insurance against both risks is greater than the sum of benefits from insurance against the isolated risks. One reason is the convexity of the welfare gain. The other reason is a direct risk interaction amplifying the utility losses from risk. Our quantitative evaluation shows that introducing a minimum pension leads to sizeable welfare gains, despite substantial crowding out. About 60% of these gains would be missing from summing up the isolated benefits.</jats:p> |
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| author | Harenberg, Daniel, Ludwig, Alexander |
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| description | <jats:title>Abstract</jats:title><jats:p>We ask whether a pay‐as‐you‐go financed social security system is welfare improving in an economy with idiosyncratic and aggregate risk. We show that the whole welfare benefit from insurance against both risks is greater than the sum of benefits from insurance against the isolated risks. One reason is the convexity of the welfare gain. The other reason is a direct risk interaction amplifying the utility losses from risk. Our quantitative evaluation shows that introducing a minimum pension leads to sizeable welfare gains, despite substantial crowding out. About 60% of these gains would be missing from summing up the isolated benefits.</jats:p> |
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| series | International Economic Review |
| source_id | 49 |
| spelling | Harenberg, Daniel Ludwig, Alexander 0020-6598 1468-2354 Wiley Economics and Econometrics http://dx.doi.org/10.1111/iere.12365 <jats:title>Abstract</jats:title><jats:p>We ask whether a pay‐as‐you‐go financed social security system is welfare improving in an economy with idiosyncratic and aggregate risk. We show that the whole welfare benefit from insurance against both risks is greater than the sum of benefits from insurance against the isolated risks. One reason is the convexity of the welfare gain. The other reason is a direct risk interaction amplifying the utility losses from risk. Our quantitative evaluation shows that introducing a minimum pension leads to sizeable welfare gains, despite substantial crowding out. About 60% of these gains would be missing from summing up the isolated benefits.</jats:p> IDIOSYNCRATIC RISK, AGGREGATE RISK, AND THE WELFARE EFFECTS OF SOCIAL SECURITY International Economic Review |
| spellingShingle | Harenberg, Daniel, Ludwig, Alexander, International Economic Review, IDIOSYNCRATIC RISK, AGGREGATE RISK, AND THE WELFARE EFFECTS OF SOCIAL SECURITY, Economics and Econometrics |
| title | IDIOSYNCRATIC RISK, AGGREGATE RISK, AND THE WELFARE EFFECTS OF SOCIAL SECURITY |
| title_full | IDIOSYNCRATIC RISK, AGGREGATE RISK, AND THE WELFARE EFFECTS OF SOCIAL SECURITY |
| title_fullStr | IDIOSYNCRATIC RISK, AGGREGATE RISK, AND THE WELFARE EFFECTS OF SOCIAL SECURITY |
| title_full_unstemmed | IDIOSYNCRATIC RISK, AGGREGATE RISK, AND THE WELFARE EFFECTS OF SOCIAL SECURITY |
| title_short | IDIOSYNCRATIC RISK, AGGREGATE RISK, AND THE WELFARE EFFECTS OF SOCIAL SECURITY |
| title_sort | idiosyncratic risk, aggregate risk, and the welfare effects of social security |
| title_unstemmed | IDIOSYNCRATIC RISK, AGGREGATE RISK, AND THE WELFARE EFFECTS OF SOCIAL SECURITY |
| topic | Economics and Econometrics |
| url | http://dx.doi.org/10.1111/iere.12365 |