turns out to decrease ex-ante individual welfare, unless restrictions are assumed on retirement behavior. Overall, risk … shown to yield a slight ex-ante welfare improvement from a purely risk-insurance perspective. This relative gain stems from … risk diversification across working-life wages in computing benefits. -- social security reforms ; uncertainty ; risk …

between funded and unfunded systems when there are sources of uninsurable risk that are allocated in different ways by …

replacement rate at retirement. We identify that the key factor driving our results is the uncertainty of the equity risk premium …

replacement rate at retirement. We identify that the key factor driving our results is the uncertainty of the equity risk premium …

funded and unfunded systems when there are sources of uninsurable risk that are allocated in different ways by different …

and unfunded systems when there are sources of uninsurable risk that are allocated in different ways by different types of …

maximum limits by asset class) in order to create funds with different risk-return profiles. In this article we challenge this … approach and show that such funds exhibit erratic risk-return profiles that deviate significantly from the intended design. We … propose to replace all minimum and maximum asset allocation constraints by a single risk metric (or measure) that controls …