@article{Breyer1993Welfa-33366,
  year={1993},
  doi={10.1016/0047-2727(93)90061-W},
  title={Welfare effects of unfunded pension systems when labor supply is endogenous},
  number={1},
  volume={50},
  issn={0047-2727},
  journal={Journal of Public Economics},
  pages={77--91},
  author={Breyer, Friedrich and Straub, Martin}
}

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    <dcterms:title>Welfare effects of unfunded pension systems when labor supply is endogenous</dcterms:title>
    <dc:creator>Breyer, Friedrich</dc:creator>
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    <dcterms:abstract xml:lang="eng">A mandatory unfunded pension system can lead to welfare losses if the contributions are levied in such a way that the labor supply decision of the individuals is distorted. This is shown in an overlapping-generations model for a closed economy. Furthermore, it is shown that under certain conditions a gradual abolition of unfuded pensions — using lump-sum contributions in the transition phase — can lead to an intergenerational Pareto improvement. Thus the paper extends a result recently derived by Homburg for a small open economy to the closed economy case.</dcterms:abstract>
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