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Full-Text Articles in Social and Behavioral Sciences
Social Security And Institutions For Intergenerational, Intragenerational And International Risk Sharing, Robert J. Shiller
Social Security And Institutions For Intergenerational, Intragenerational And International Risk Sharing, Robert J. Shiller
Cowles Foundation Discussion Papers
Social security system old age insurance systems are devices for the sharing of income risks of elderly people with others. Risks can be shared intergenerationally (with the young of the same country), intragenerationally (with other elderly of the same country) or internationally (with foreigners). Barriers to individuals themselves sharing their risks intergenerationally, intragenerationally or internationally are described. Optimal design of government-sponsored social security systems is considered in light of these barriers. Alternative benefits and contributions formulas for pay-as-you-go social security systems are defined and compared with existing and proposed formulas in terms of their ability to fulfill the government’s role …
How Fast Do Old Men Slow Down?, Ray C. Fair
How Fast Do Old Men Slow Down?, Ray C. Fair
Cowles Foundation Discussion Papers
This study uses data on men’s track and field and road racing records by age to estimate the rate at which men slow down with age. For most of the running events (400 meters through the half marathon), the slowdown rate per year is estimated to be .80 percent between ages 35 and 51. At age 51 the rate begins to increase. It is 1.04 percent at age 60, 1.46 percent at age 75, and 2.01 percent at age 95. The slowdown rate is smaller for 100 meters. For the events longer than the half marathon, the rate is smaller …
The Future Of Social Security: One Economist's Assessment, James Tobin
The Future Of Social Security: One Economist's Assessment, James Tobin
Cowles Foundation Discussion Papers
Three interrelated issues must be faced in assessing the future of OASI. I shall discuss each in turn. Balancing Contributions and Benefits. The overriding long-run issue about OASI is the balance between the tax contributions of the young and the benefits of the old. The system is now geared to scale up benefits automatically so as to maintain the ratio of benefits to contemporaneous wages, the replacement ratio, at its historical level of roughly 40 percent. Payroll tax rates are the residual balancing item in the OASI financial equation. They have been raised steadily for years, and according to current …