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...

We explore voluntary participation in pension arrangements. Individuals only participate when participation is more attractive than autarky. The bene??it of participation is that risks can be shared with future generations. We apply our analysis to a pay-as-you-go system, a funded system without...

This paper examines the effect of a housing assistance program on school enrollment, child labor and poverty reduction among poor families in Ecuador. Administrative data is merged to a household panel to link the history of a voucher application with socioeconomic information. Two empirical...