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 …

participation. In doing so, we propose a novel group identity induction procedure that succeeds in creating environments where in … subjects manage to sustain high participation levels. At the aggregate level, we observe only few statistically significant … differences between environments where group identity is high and low. This suggests that the higher participation observed in …