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Intergenerational Risk Sharing

Author: Hal R Varian; Roger H Gordon; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 1985.
Series: Working paper series (National Bureau of Economic Research), no. w1730.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
In this paper, we argue that in designing government debt and tax-transfer policies, it is important to consider their implications for the allocation of risk between generations. There is no reason to presume that the market or the family can allocate risk efficiently to future generations, implying that stochastic government policies have the potential to create first-order welfare improvements. The model provides  Read more...
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Details

Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Hal R Varian; Roger H Gordon; National Bureau of Economic Research.
OCLC Number: 756572935
Description: 1 online resource.
Series Title: Working paper series (National Bureau of Economic Research), no. w1730.
Responsibility: Roger H. Gordon, Hal R. Varian.

Abstract:

In this paper, we argue that in designing government debt and tax-transfer policies, it is important to consider their implications for the allocation of risk between generations. There is no reason to presume that the market or the family can allocate risk efficiently to future generations, implying that stochastic government policies have the potential to create first-order welfare improvements. The model provides a non-Keynsian justification for 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.

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