Social Security and Old Age Unemployment Risk with Efficient Wage Bargaining
研究在风险厌恶工会与风险中性企业通过有效谈判设定工资、就业和遣散费的经济中，社会保障政策如何影响老年失业风险与效率。
Abstract I analyze a life‐cycle economy with old age productivity risk where wages, employment, and severance payments are set through efficient bargaining between risk averse unions and risk neutral firms. Allocations with limited union membership are second‐best inefficient as they generate too little labor supply in young age, too much consumption before retirement, too little employment of older workers (early retirement), and too little insurance against old age unemployment. Providing public transfers to early retirees (disability benefits or early pensions) might help to increase the degree of risk sharing at the cost of lower old age employment. Depending on whether absolute risk aversion is increasing or decreasing in consumption, these policies might or might not produce efficiency gains at equilibrium.