Beetsma, Roel; Romp, Ward E; Vos, Siert-Jan - C.E.P.R. Discussion Papers - 2011
We explore the feasibility of a funded pension system with intergenerational risk sharing when participation in the system is voluntary. Typically, the willingness of the young to participate depends on their belief about the future young's willingness to do so. We characterise equilibria with...