期刊名称：CORE Discussion Papers / Center for Operations Research and Econometrics (UCL), Louvain
出版年度：2009
卷号：1
出版社：Center for Operations Research and Econometrics (UCL), Louvain
摘要：In an overlapping generations economy setup we show that, if individuals can improve their life
expectancy by exerting some effort, costly in terms of either resources or utility, the competitive
equilibrium steady state differs from the first best steady state. This is due to the fact that under
perfect competition individuals fail to anticipate the impact of their longevity-enhancing effort on
the return of their annuitized savings. We identify the policy instruments required to implement
the first-best into a competitive equilibrium and show that they are specific to the form, whether
utility or resources, that the effort takes
关键词：life expectancy, health expenditures, taxation.
