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Essays on social security.

Chen, Kaiji.

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Essays on social security.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Essays on social security./
Author:	Chen, Kaiji.
Description:	131 p.
Notes:	Source: Dissertation Abstracts International, Volume: 66-06, Section: A, page: 2309.
Contained By:	Dissertation Abstracts International66-06A.
Subject:	Economics, Theory. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3180315
ISBN:	9780542203725

Essays on social security.
Chen, Kaiji.

Essays on social security. - 131 p.

Source: Dissertation Abstracts International, Volume: 66-06, Section: A, page: 2309.

Thesis (Ph.D.)--University of Southern California, 2005.

This thesis comprises two essays on social security. Both essays share a common theme: the desirability of social security system. In the first essay, I explore this question from the perspective of a benevolent government; the second explains its sustainability from the perspective of a rational median voter under majority voting.

ISBN: 9780542203725Subjects--Topical Terms:

1017575
Economics, Theory.

Essays on social security.
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245 1 0 $a Essays on social security.
300 $a 131 p.
500 $a Source: Dissertation Abstracts International, Volume: 66-06, Section: A, page: 2309.
500 $a Advisers: Caroline Betts; Ayse Imrohoroglu.
502 $a Thesis (Ph.D.)--University of Southern California, 2005.
520 $a This thesis comprises two essays on social security. Both essays share a common theme: the desirability of social security system. In the first essay, I explore this question from the perspective of a benevolent government; the second explains its sustainability from the perspective of a rational median voter under majority voting.
520 $a The Welfare Implications of Social Security for Homeowners explores how an explicit incorporation of owner-occupied housing into the life-cycle framework affects the long-run welfare implications of privatizing social security in a model calibrated to the U.S. economy. It is motivated by the fact that for most households in the U.S., the largest proportion of net worth is owner-occupied housing, which differs from financial assets by being tied to consumption homeowners' of housing services and by being relatively illiquid. The literature on social security, nonetheless, has so far assumed perfect substitutability between housing and financial assets. The finding is that the welfare gain of privatizing social security is almost twice as much in the economy with housing as in a standard life-cycle economy. The key reason for this difference is that as mandatory savings for future retirement, the social security system is a worse substitute for household savings when a sizable fraction of household assets is held for immediate consumption of housing durable services.
520 $a Sustaining Social Security: A Unique Markov Perfect Equilibrium with Majority Voting develops a positive theory of social security in a majority voting framework with differentiable Markov perfect equilibrium. I show that even under temporal separation of costs and benefits, there exists a unique equilibrium that self-interested median voters have incentive to sustain social security if expectation on future policy choice depends only on payoff-relevant variables. Correspondingly, our model has a number of distinctive implications. First, social security tax rates are increasing over time until converging to a steady state. Secondly, the growth rate of social security benefit per beneficiary is negatively correlated with income inequality. Our empirical evidence shows that these predictions are broadly consistent with the data from the OECD countries.
590 $a School code: 0208.
650 4 $a Economics, Theory. $3 1017575
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790 1 0 $a Imrohoroglu, Ayse, $e advisor
790 $a 0208
791 $a Ph.D.
792 $a 2005
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