Elimination of Social Security in a Dynastic Framework
假设家庭内部存在完全双向利他主义，研究私有化社会保障能否获得公众支持。基于美国经济校准的模型显示，无补偿私有化获52%支持，若补偿贡献并用债务和消费税过渡，58%福利改善，但支持取决于劳动力市场弹性。
Much of the existing literature on social security has taken the extreme assumption that individuals have little or no altruism; this paper takes an opposite assumption that there is full two-sided altruism. When households insure members that belong to the same family line, privatizing social security can gain public support. In our benchmark model calibrated to the U.S. economy, privatization without compensation is favoured by 52% of the population. If social security participants are fully compensated for their contributions, and the transition to privatization is financed by a combination of debt and a consumption tax, 58% experience a welfare gain. These gains and the resulting public support for social security reform depend critically on a flexible labour market. If the labour supply elasticity is low, then support for privatization disappears. Copyright 2007, Wiley-Blackwell.