Social security, economic growth, and social welfare in an overlapping generation model with idiosyncratic TFP shock and heterogeneous workers. Published free to read in the Journal of Population Economics.

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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).

https://doi.org/10.1007/s00148-022-00934-w
Free link to read: https://rdcu.be/c3X6q

PUBLISHED
Vol. 36, Issue 1, January 2023: Journal of Population Economics (JOPE) 16 articles. https://link.springer.com/journal/148/volumes-and-issues/36-1
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