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Markovian Social Security in Unequal Societies
Social Science Research Network
In this paper, we develop a dynamic politico-economic theory of social security to address two questions. First, how is social security sustained? Second, how does inequality a¤ect the size of social security, and can the theoretical predictions be consistent with the observed puzzling relationships between inequality and the size of social security? As a stark framework, our model economy features the absence of altruism, commitment, reputation mechanism and electoral uncertainty. Wedoi:10.2139/ssrn.1367476 fatcat:rtizzfuw2vhj3d6uwrteumstyi