期刊名称：Discussion Paper / Département des Sciences Économiques de l'Université Catholique de Louvain
印刷版ISSN：1379-244X
出版年度：2009
卷号：1
出版社：Université catholique de Louvain
摘要：Introduced by Samuelson (1975), the Serendipity Theorem states that the competitive
economy will converge towards the optimum steady-state provided the optimum
population growth 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.
