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User bonneuil
title Viability of pay-as-you-go systems
Authors Jean-Pierre Aubin, Noël Bonneuil, Franck Maurin, and Patrick Saint-Pierre
Source Journal Evolutionary Economics (2001) 11: 555–571
Year 2001
Type Journal
Type of publication Other

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Abstract When the dependency ratio inactive/active increases to intolerable
proportions, the question arises as to how and when pay-as-you-go social security
systems can be controlled so as to safeguard a decent way of life to everyone.
Between uncertainty linked to wages and the interest rate, and room to manoeuvre
the age of retirement and the immediate transfer from workers to pensioners, not
just any route permits this objective. The set of those which do is here delineated
(the viability kernel tube), and the operations at any time necessary to control
trajectories so as they remain in this set are identified (the regulation map).
Finally, the flexibility necessary to avoid failure, from any state reached by the
pay-as-you-go system, is inferred in timing and magnitude.
Created Tuesday 11 December, 2012 11:29:46

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