Mitigating Demographic Risk Through Social Insurance / Jerry R. Green.

By:

Green, Jerry R

Contributor(s):

National Bureau of Economic Research

Material type: Text

TextSeries: Working Paper Series (National Bureau of Economic Research) ; no. w0215.Publication details: Cambridge, Mass. National Bureau of Economic Research 1977.Description: 1 online resource: illustrations (black and white)Online resources:

Available additional physical forms:

Hardcopy version available to institutional subscribers

Abstract: A two-period lifetime overlapping generations growth model is used to evaluate the possibility that social insurance can effectively offset economic risks associated with uncertainty about the rate of population growth. Crude measures of the seriousness of this type of risk in the current United States situation are presented. Sufficient conditions on the structure of the economy for such intergenerational risk pooling to be mutually beneficial to all members of society are derived. Although it is logically possible to satisfy them1 we argue that they are unlikely to be realized empirically in an economy similar to that of the United States. Because of this failure, some more complex types of policy options are also discussed.

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Item type	Home library	Collection	Call number	Status	Date due	Barcode	Item holds
Working Paper	Biblioteca Digital	Colección NBER	nber w0215 (Browse shelf(Opens below))	Not For Loan

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Previous	nber w0212 Social Security Wealth: The Impact of Alternative Inflation Adjustments /	nber w0213 The Relationship Between Children's Health and Intellectual Development /	nber w0214 Aspects of Optimal Unemployment Insurance: Search, Leisure and Capital Market Imperfections /	nber w0215 Mitigating Demographic Risk Through Social Insurance /	nber w0216 An Evaluation of the Role of Factor Markets and Intensities in the Social Security Crisis: A Progress Report /	nber w0217 Altruism in Law and Economics /	nber w0218 Heterogeneous-Expectations Model of the Value of Bonds Bearing Call Options /	Next

November 1977.

A two-period lifetime overlapping generations growth model is used to evaluate the possibility that social insurance can effectively offset economic risks associated with uncertainty about the rate of population growth. Crude measures of the seriousness of this type of risk in the current United States situation are presented. Sufficient conditions on the structure of the economy for such intergenerational risk pooling to be mutually beneficial to all members of society are derived. Although it is logically possible to satisfy them1 we argue that they are unlikely to be realized empirically in an economy similar to that of the United States. Because of this failure, some more complex types of policy options are also discussed.