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Compensating the dead

Abstract : An early death is, undoubtedly, a serious disadvantage. However, the compensation of short-lived individuals has remained so far largely unexplored, probably because it appears infeasible. Indeed, short-lived agents can hardly be identified ex ante, and cannot be compensated ex post. We argue that, despite those difficulties, a compensation can be carried out by encouraging early consumption in the life cycle. In a model with heterogeneous preferences and longevities, we show how a specific social criterion can be derived from intuitive principles, and we study the corresponding optimal policy under various informational assumptions.
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Submitted on : Thursday, July 31, 2014 - 2:41:31 PM
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Marc Fleurbaey, Marie-Louise Leroux, Grégory Ponthière. Compensating the dead. Journal of Mathematical Economics, Elsevier, 2014, 51, pp.28-41. ⟨10.1016/j.jmateco.2014.02.003⟩. ⟨halshs-01053598⟩



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