A Positive Theory of Social Security Based on Reputation
构建了一个一般均衡模型，其中现收现付的社会保障体系可以作为政治和经济均衡被采纳和维持，并分析了该体系的福利含义，将一般均衡福利度量与精算公平概念进行比较。
We Construct a general equilibrium model in which a pay‐as‐you‐go social security system can be adopted and sustained as a political and economic equilibrium. We alalyze the welfare implictions of this system and compare general equilibrium welfare measure to the commonly used notion of actuarial fairness.