between funded and unfunded systems when there are sources of uninsurable risk that are allocated in different ways by … importance of unfunded, state pensions differs. We estimate how the optimal level of unfunded, state pensions depends on rate of … is rapid and unfunded pensions are currently generous. …

This paper uses stochastic simulations on calibrated models to assess the optimal degree of reliance on funded pensions … and unfunded systems when there are sources of uninsurable risk that are allocated in different ways by different types of … importance of PAYG pensions differs. We estimate how the optimal level of unfunded, state pensions depends on rate of return and …

Intergenerational risk sharing by funded pension schemes may increase welfare in an ex ante sense. However, it also … without any intergenerational risk sharing …

This paper explores the introduction of collective risk-reallocation elements in defined contribution pension contracts …. We consider status-contingent, age-contingent and asset-contingent arrangements to reallocate risk among participants …. Eliminating asset market risk for the retired raises their welfare, while it lowers welfare of the workers, despite the fact that …

We explore the benefits of intergenerational risk-sharing through both private funded pensions and via the public debt …

We explore the benefits of intergenerational risk-sharing through both private funded pensions and via the public debt …

, technological growth, the time-preference discount rate, that relative risk aversion, the production function, and the political …

consumption and portfolio theory shows that the younger generations should have the higher equity exposure due to their human …