Intergenerational Risk Sharing
dc.contributor.author | Gordon, Roger H. | en_US |
dc.contributor.author | Varian, Hal R. | en_US |
dc.date.accessioned | 2013-11-14T23:20:49Z | |
dc.date.available | 2013-11-14T23:20:49Z | |
dc.date.issued | 1985-03-19 | en_US |
dc.identifier.other | MichU DeptE CenREST RSQE C66 | en_US |
dc.identifier.other | H230 | en_US |
dc.identifier.other | H630 | en_US |
dc.identifier.other | H550 | en_US |
dc.identifier.other | D810 | en_US |
dc.identifier.uri | https://hdl.handle.net/2027.42/100726 | |
dc.description.abstract | In this paper we examine government debt and tax-transfer policies than can improve the allocation of risk between generations. Markets cannot allocate risk efficiently between two generations whenever the two generations are not both alive prior to the occurrence of a stochastic event. This implies that government policies transferring risk between generations have the potential to create first-order welfare improvements. Our model provides a non-Keynesian justification for the debt finance of wars and recessions, as well as an added rationale for Social Security type tax-transfer schemes which aid unlucky generations e.g. the Depression generation, at the expense of luckier generations. | en_US |
dc.description.sponsorship | Center for Research on Economic and Social Theory, Research Seminar in Quantitative Economics, Department of Economics, University of Michigan | en_US |
dc.relation.ispartofseries | Discussion Paper | en_US |
dc.subject | Government Debt | en_US |
dc.subject | Tax-transfer Policies | en_US |
dc.subject | Risk-sharing | en_US |
dc.subject.other | Taxation and Subsidies: Externalities | en_US |
dc.subject.other | Redistributive Effects | en_US |
dc.subject.other | Environmental Taxes and Subsidies | en_US |
dc.subject.other | Debt | en_US |
dc.subject.other | Debt Management | en_US |
dc.subject.other | Sovereign Debt | en_US |
dc.subject.other | Criteria for Decision-Making Under Risk and Uncertainty | en_US |
dc.title | Intergenerational Risk Sharing | en_US |
dc.type | Working Paper | en_US |
dc.subject.hlbsecondlevel | Economics | en_US |
dc.subject.hlbtoplevel | Social Sciences | en_US |
dc.description.bitstreamurl | http://deepblue.lib.umich.edu/bitstream/2027.42/100726/1/ECON194.pdf | |
dc.owningcollname | Economics, Department of - Working Papers Series |
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Economics, Department of - Working Papers Series
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