References of "Journal of Public Economic Theory"
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See detailLongevity and annuities: an introduction
Cremer, Helmuth; Pestieau, Pierre ULg

in Journal of Public Economic Theory (2010), (12), 1-5

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See detailCollective Annuities and Redistribution
Cremer, Helmuth; Lozachmeur, Jean-Marie; Pestieau, Pierre ULg

in Journal of Public Economic Theory (2010), (12), 23-41

This paper studies the role of alternative pension systems that offer collective annuities. The defining characteristic of collective annuities is that they do not depend on an individual’s survival ... [more ▼]

This paper studies the role of alternative pension systems that offer collective annuities. The defining characteristic of collective annuities is that they do not depend on an individual’s survival probabilities. We show that such a system may be welfare improving (with a utilitarian social welfare function) even when private annuity markets are perfect and when life expectancy and earning abilities are positively correlated (i.e., in a setting that is a priori biased against collective annuities). We first concentrate on linear pension systems and contrast two schemes: a pure contributory (Bismarckian) pension and a flat rate (Beveridgean) pension. We show that the case for collective annuities is stronger when they are associated with a flat pension system. Then we analyze nonlinear pension schemes.We show that the solution can be implemented by a pension scheme associated with annuities that reflect some degree of “collectiveness.” Unlike under pure collective annuities, benefits do depend on life expectancy but to a lesser degree than with actuarially fair private annuities. In other words, the impact of survival probabilities is mitigated rather than completely neutralized. [less ▲]

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See detailFiscal policy in an ovrelapping generations model with bequest-as-consumption
Michel, Philippe; Pestieau, Pierre ULg

in Journal of Public Economic Theory (2004)

This paper analyzes an overlapping generation (OLG) growth model wherein saving finances second period consumption and bequest-as-consumption. First, it looks at the market equilibrium and at the optimal ... [more ▼]

This paper analyzes an overlapping generation (OLG) growth model wherein saving finances second period consumption and bequest-as-consumption. First, it looks at the market equilibrium and at the optimal solution; then it turns to the issue of decentralizing the optimal solution with various taxes and transfers. Depending on the available instruments, either a first-best or a second-best optimum can be achieved. Throughout the paper, the results are contrasted with those obtained in the standard OLG model without intergenerationel transfers. [less ▲]

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