How powerful is demography? The Serendipity Theorem revisited
Grégory Ponthière
- Fonction : Auteur
- PersonId : 1129355
- ORCID : 0000-0002-7328-4441
- IdRef : 189782714
Résumé
Introduced by Samuelson (Int Econ Rev 16(3):531-538, 1975), the Serendipity Theorem states that the competitive economy will converge towards the optimum steady-state provided the optimum fertility rate is imposed. This paper aims at exploring whether the Serendipity Theorem still holds in an economy with risky lifetime. We show that, under general conditions, including a perfect annuity market with actuarially fair return, imposing the optimum fertility rate and the optimum survival rate leads the competitive economy to the optimum steady state. That Extended Serendipity Theorem is also shown to hold in economies where old adults work some fraction of the old age, whatever the retirement age is fixed or chosen by the agents.
Domaines
Economies et financesFormat du dépôt | Notice |
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Type de dépôt | Article dans une revue |
Titre |
en
How powerful is demography? The Serendipity Theorem revisited
|
Résumé |
en
Introduced by Samuelson (Int Econ Rev 16(3):531-538, 1975), the Serendipity Theorem states that the competitive economy will converge towards the optimum steady-state provided the optimum fertility rate is imposed. This paper aims at exploring whether the Serendipity Theorem still holds in an economy with risky lifetime. We show that, under general conditions, including a perfect annuity market with actuarially fair return, imposing the optimum fertility rate and the optimum survival rate leads the competitive economy to the optimum steady state. That Extended Serendipity Theorem is also shown to hold in economies where old adults work some fraction of the old age, whatever the retirement age is fixed or chosen by the agents.
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Auteur(s) |
David de La Croix
1, 2
, Pierre Pestieau
2, 3, 4, 5
, Grégory Ponthière
3, 4
1
UCL IRES -
Institut de recherches économiques et sociales
( 154528 )
- 3 place Montesquieu - 1348 Louvain-La-Neuve
- Belgique
2
CORE -
Center of Operation Research and Econometrics [Louvain]
( 48233 )
- 34, Voie du Roman Pays B-1348 Louvain-la-Neuve
- Belgique
3
PSE -
Paris-Jourdan Sciences Economiques
( 139754 )
- 48 boulevard Jourdan 75014 Paris
- France
4
PSE -
Paris School of Economics
( 301309 )
- 48 boulevard Jourdan 75014 Paris
- France
5
CEPR -
Center for Economic Policy Research
( 143559 )
- Royaume-Uni
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Page/Identifiant |
899-922
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Numéro |
3
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Comité de lecture |
Oui
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Vulgarisation |
Non
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Langue du document |
Anglais
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Nom de la revue |
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Audience |
Non spécifiée
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Date de publication |
2012-07
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Volume |
25
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Public visé |
Scientifique
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Sous-type de document pour les Articles |
Research article
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Version du document |
version éditeur
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Voir aussi |
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Financement |
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Domaine(s) |
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Mots-clés (JEL) |
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Indexation contrôlée |
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Mots-clés |
en
Fertility, Mortality, Overlapping generations
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DOI | 10.1007/s00148-011-0362-z |
ProdINRA | 316586 |
UT key WOS | 000303390800007 |
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