Time-Inconsistent Preferences and Social Security
研究在面临死亡风险、收入风险和借贷约束的经济中，时间不一致偏好个体如何受社会保障影响。发现现收现付制社保降低资本存量、产出和消费，但福利影响取决于时间不一致的强度。
In this paper we examine the role of social security in an economy populated by overlapping generations of individuals with time-inconsistent preferences who face mortality risk, individual income risk, and borrowing constraints. We find that unfunded social security lowers the capital stock, output, and consumption for consumers with time-consistent or time-inconsistent preferences. However, it may raise or lower welfare depending on the strength of time inconsistency.