We assume that individual voters differ not only according to age but also productivity. In the
steady state, workers with wages in the intermediate range join the retired persons to form a …

We analyze a model of" postelection politics", in which (unlike in the more common
Downsian models of" preelection politics") politicians cannot make binding commitments …

This paper adopts a stochastic overlapping generations framework to analyze the allocation
of aggregate financial risks under different social security systems and a majority voting rule …

Institutional and Financial Incentives for Social Insurance provides both an empirical and a
theoretical account of the main difficulties presently threatening social insurance systems in …

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The aging of the population constitutes nowadays one of the most important economic
problem facing our societies. Most pension systems in the developed countries are of the …