borrowing more that too at a rate higher than offered by pension savings, their life-time utility increases. …

down. Depending on the relative returns from public pensions and private savings as well as on the elasticity of compliance … rate is more likely to be positive when the median income is low and when the return from public pensions dominates that of … private savings. The level of the Bismarkian pillar will now be chosen so as to account for increased political support, for …

to each other. -- mandatory pensions ; tax-favored retirement accounts ; voluntary contributions ; subsidies. …

supply decision and 3) accounts for contributions-defined pensions of the US social security system. With these more …

This paper analyzes the interconnections of underreported earnings, savings and oldage pension with the help of a most … ; proportional pensions ; basic pensions ; meansassisted pensions …

. Moreover, we introduce "indifference bands" in an age-savings plane to assess the robustness of our findings. Majority votes …