Nishiyama, Shinichi; Smetters, Kent A. - 2011
50-percent privatization using an overlapping-generations model where heterogeneous agents with elastic labor supply face … idiosyncratic earnings shocks and longevity uncertainty. When wage shocks are insurable, privatization produces about $30,100 of …, privatization reduces efficiency by about $8,100 per future household. We check the robustness of these results to different model …