accumulated over working life. Individual savings crucially depend on the choice between low-risk and high-risk assets, because …-standard consumption preferences and income-heterogeneity. Retirement resources depend on public pension benefits and individual savings … different pension schemes. The rationale is that a non-funded pension component provides better downward risk protection for the …

cannot fully insure himself against income shocks. In addition to the standard income-risk-induced precautionary saving … the impact of estimation risk on consumption-saving and portfolio decisions …