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1、Chapter11-SocialSecurity1.Withadverseselection,insurancecontractswithmorecomprehensivecoveragearechosenbypeoplewithhigherunobservedaccidentprobabilities.Tomakeupforthefactthatabenefitismorelikelytobepaidtosuchindividuals,theinsurerchargesahigherpremiumperunitofinsurancec
2、overage.2.Individualswhodonotsaveenoughfortheirretirementyearsmaybelievethatthegovernmentwillfeelobligedtocometotheiraidiftheyareinasufficientlydesperatesituation.Withthisbelief,youngerindividualsmaypurposelyneglecttosaveadequately.Onejustificationforthecompulsorynatureo
3、fSocialSecurityistoaddresstheinefficientlylowsavingcausedbymoralhazard.3.Usethebasicformulaforbalanceinapay-as-you-gosocialsecuritysystem:t=(Nb/Nw)*(B/w).Call1990year1and2050year2.Thenti=.267*(B/w)it2=.458*(B/w)2Itfollowsthattokeep(B/w)i=(B/w)2werequiret2/ti=.458/.267=l.
4、71.Thatis,taxrateswouldhavetoincreaseby71percent.Similarly,tokeeptheinitialtaxrateconstant,wewouldrequire(B/w)2/(B/w))=.26刀.458=0・5&Benefitswouldhavetofallalmostbyhalf.4.SocialSecurityredistributesincomesfromyoungergenerationstooldergenerations,frommentowomen,fromhigh-to
5、low-incomeindividuals,andfromtwo-eamertoone-earnermarriedcouples.SocialSecuritybenefitsoldergenerationsbecauseitislargelyfinancedonapay・as-you・gobasis.ThemostextremeexampleisIdaFuller,thefirstSocialSecuritybeneficiary,whopaidonly$24.85andreceivedbenefitsof$20,897overherl
6、ifetime.WomenhavegainedbecausetheyhavelivedIonger.ThetextcitesLiebmannscalculations,whichshowthatamongpeoplewhoretiredinthe1990s,onaveragemencameoutbehindbyabout$43,000whilewomencameoutaheadby$37,000.Forrecentandfutureretirees,generallythehighertheearnings,thesmallertheg
7、ainfromSocialSecurity.Forexample,ahigh-earnersinglemalewhoretiresintheyear2015isexpectedtolose$196,350toSocialSecurity,whereasalow-earnersinglemaleretiringatthesametimeisexpectedtoloseonly$8,605.ThedifferenceoccursbecausethepayrolltaxusedtofinanceSocialSecurityisproporti
8、onal,upto$94,200in2006,somostworkersarepayingthesamepercentageofearningstoSocialSecurity.Benefitsarerel
