Social Security as Trade Among Living Generations
研究由利他的重叠世代内生立法的社会保障，发现从无社保的稳态出发，当期两代人都能从强制年轻向老年转移的立法中获益，该分配是帕累托最优，但后续世代可能受损且不会修改法律。
The authors study social security legislated endogenously by altruistic, overlapping generations. Starting from a steady-state equilibrium without social security, both generations living in a period can gain from legislation that mandates transfers from young to old in that and all subsequent periods. The social security allocation is Pareto optimal. Later living pairs of generations may lose, but do not amend the law. Copyright 1989 by American Economic Association.