Beetsma, Roel; Romp, Ward E.; Vos, Siert J. - 2011 - This version: March 16, 2011
We explore the feasibility of a funded pension system with intergenerational risk sharing when participation in the …'s willingness to do so. We characterise equilibria with voluntary participation and show that the likelihood of their existence … increases with risk aversion and financial market uncertainty. We find that it is likely that mandatory participation is …
