• 1 Introduction
  • 2 The surplus of risk sharing when risks are endogenous: A simple model
  • 3 Optimal individual saving accounts
  • 4 First-best intergenerational risk sharing
  • 5 Second-best intergenerational risk sharing
  • 5.1 The second-best constraints
  • 5.2 The allocation of risk between workers and shareholders
  • 5.3 The benefit policy and the dividend policy
  • 5.4 The investment policy
  • 5.5 The dynamics of reserves accumulation
  • 5.6 Welfare analysis
  • 6 Sensitivity analysis
  • 7 Concluding Remarks