In public procurement, a temporal separation of award and actual contracting can frequently be observed. In this paper, we give an explanation for this institutional setting. For imperfect procurement contracts such a separation may increase efficiency. Efficiency can be increased by postaward,...

We analyze the impact of increased pension uncertainties on saving and retirement decisions, both in isolated and in joint decision problems. In the absence of other risks, saving is increased and retirement is delayed when social security pensions get more risky. If saving and retirement...

In an occupational choice framework individuals can either become entrepreneurs (risky income) or employed workers (safe income). Their choice is affected by the design of the pension system which discriminates between entrepreneurs and workers. We explore the comparative statics of several...

Using data from 1960 to 2000 for OECD countries, we analyze the effect of compulsory military service on the demand for higher education, measured by the fraction of the working-age population enrolled in tertiary education. Based on a theoretical model, we hypothesize that a military draft has...