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

We explore the benefits of intergenerational risk-sharing through both private funded pensions and via the public debt …

This paper explores the introduction of collective risk-sharing elements in defined contri-bution pension contracts. We … consider status-contingent, age-contingent and asset contingent risk-sharing arrangements. All arrangements raise aggregate … cohorts, but comes at the cost of a reduction in aggregate welfare due to efficiency losses. -- funded pensions ; risk …