The Effects of Annuities, Bequests, and Aging in an Overlapping Generations Model of Endogenous Growth
研究在内生增长叠代模型中引入精算公平年金市场的影响，发现完全年金化并非动态最优，最优年金化程度取决于退休预期长度和现收现付社保税率，政府可通过限制年金合同并引导自愿缴费实现社保体系转型。
We examine the effects of introducing actuarially fair annuity markets into an overlapping generations model of endogenous growth. The complete annuitisation of agents' wealth is not, in general, dynamically optimal; the degree of annuitisation that is dynamically optimal depends nonmonotonically on the expected length of retirement and on the pay-as-you-go social security tax rate. The government has an incentive to restrict the availability of actuarially fair annuities contracts, and can often move the economy from a pay-as-you-go to a fully-funded social security system via voluntary contributions to a government sponsored, actuarially fair pension today accompanied by reductions in social security taxes tomorrow.