When information on longevity (survival functions) is unknown early in life, individuals have an interest to insure themselves against future quot;risk-classquot; classification. Accordingly, the First-Best typically involves transfers across states of nature. Competitive equilibrium cannot...

This paper describes the crisis of Romania's pension system , and analyses the reforms the government elected in 1996 is undertaking to resolve this crisis. Insolvency was principally due to demoralization of the system in the period following the collapse of Communism. Governments from 1990 to...