We explore the feasibility of a funded pension system with intergenerational risk sharing when participation in the … increases with risk aversion and financial market uncertainty. We find that it is likely that mandatory participation is … necessary to sustain a funded pension pillar and to let participants benefit from intergenerational risk sharing. …

above the expected growth rate of the economy and when thegovernment has a lifetime perspective of the risk exposure. The …

market instruments. Using intergenerational risk sharing arrangements, risks can be allocated better across the various …

This paper examines the optimal allocation of risk across generations whose savings mix is subject to illiquidity in … thus lowers the benefits of risk-sharing. Higher illiquidity then may justify higher levels of risk sharing to compensate …

with real monetary rewards conduEted among students in South Africa to estimate risk and time preferences. These …. (2002, 2005), show that HIV+ agents and participants that perceive to have a high HIV contraction risk are less risk … time preference are not considered simultaneously. We correct for differential mortality risk, risk aversion and …