The distributional implications of pension benefit indexation
研究了养老金福利指数化方案如何影响不同寿命预期群体间的分配，揭示了指数化选择在低初始高增长与高初始平缓福利之间的权衡，并分析了最优福利轮廓。
Abstract Socio‐economic differences in longevity have fuelled a debate on whether pension systems have a regressive bias favouring groups with a high life expectancy. We show that the distributional implications of such pooling depend critically on the benefit profile across age/time, which in turn is determined by how benefits are indexed to prices and wages. Choosing an indexation scheme involves a choice between a low initial benefit with an increasing profile and a high initial benefit with a flat/decreasing profile, where the former benefits groups with a high life expectancy, and vice versa. We analyse how indexation affects the trade‐off between insurance and distribution when groups with different mortality are separated or pooled, and the optimal benefit profile under both standard preferences and temporal risk aversion with respect to the length of life.