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Fair Accumulation under Risky Lifetime
Grégory Ponthière 1, 2
(10/2012)

Individuals save for their old days, but not all of them enjoy the old age. This paper characterizes the optimal capital accumulation in a two-period OLG model where lifetime is risky and varies across individuals. We compare two long-run social optima: (1) the average utilitarian optimum, where steady-state average welfare is maximized; (2) the egalitarian optimum, where the welfare of the worst-o¤ at the steady-state is maximized. It is shown that, under plausible conditions, the egalitarian optimum involves a higher capital and a lower fertility than the utilitarian optimum. Those inequalities hold also in a second-best framework where survival conditions are exogenously linked to the capital level.
1 :  Paris-Jourdan Sciences Economiques (PSE)
CNRS : UMR8545 – École des Hautes Études en Sciences Sociales (EHESS) – École des Ponts ParisTech (ENPC) – École normale supérieure [ENS] - Paris – Institut national de la recherche agronomique (INRA)
2 :  Ecole d'Économie de Paris - Paris School of Economics (EEP-PSE)
Ecole d'Économie de Paris
Sciences de l'Homme et Société/Economie et finances
Egalitarianism – Differentiated Mortality – Optimal Capital Accumulation  – Golden Rule  – Fertility
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