This paper studies the optimal design of a pension system together with publicly-provided individualized financial education. Agents can invest in both a risky and a non risky asset and can either under- or over-estimate the expected return of the risky asset. We show that, under perfect...

Collective action is a dynamic process where individuals in a group assess over time the benefits and costs of participating toward the success of a collective goal. Early participation improves the expectation of success and thus stimulates the subsequent participation of other individuals who...