While it is generally understood that defined benefit pension systems concentrate benefits on career teachers and impose costs on mobile teachers, there has been very little analysis of the magnitude of these effects. The authors develop a measure of implicit redistribution of pension wealth...

This article reexamines an old debate over the optimality of market allocations in a symmetric mean-variance world, with production nonconvexities, imperfectly correlated outputs, and free entry. We show that Walrasian equilibrium does not exist: that non-Walrasian equilibrium under price-taking...