In terms of social welfare within the Rawlsian welfare function, if people are highly risk-averse and therefore strongly inequality-averse, a pay-as-you-go system with no savings credit outperforms a fully funded system.
Tamai, T. Social security, economic growth, and social welfare in an overlapping generation model with idiosyncratic TFP shock and heterogeneous workers. J Popul Econ (2023).
Free link to read: https://rdcu.be/c3X6q
Vol. 36, Issue 1, January 2023: Journal of Population Economics (JOPE) 16 articles. https://link.springer.com/journal/148/volumes-and-issues/36-1
Watch the videos of article presentations on December 1, 2022 during the GLO Global Conference 2022.
JOPE has CiteScore 6.5 (2021, LINK) & Impact Factor 4.7 (2021, LINK)