proportional taxation increases the cost of self-control, and that this adverse effect is more acute when public pensions become …

How much retirement income is needed in order to maintain one’s living standard at old age? As it is difficult to find … replacement rate vis-à-vis income in the pre-retirement period. We subject indications regarding satisfaction with current income …

importance of unfunded, state pensions differs. We estimate how the optimal level of unfunded, state pensions depends on rate of … return and income risks and also upon the actuarial fairness of annuity contracts. We focus on the case of Japan where aging … is rapid and unfunded pensions are currently generous. …

public pensions in national accounting are also discussed. Finally, the combined effects of population ageing and public …

from the loss of income that would occur if a plan was underfunded when the sponsoring firm terminates a plan. Most of …

the existence of crucial income effects: a decrease of the income of young people will induce them to postpone retirement …