entail beneficial risk-sharing and diversification features However, depending on the pension formula these features vary … significantly for different types of PAYG schemes. We derive individually most-preferred PAYG rules (represented by a risk …

entail beneficial risk-sharing and diversification features. However, depending on the "pension formula" these features vary … significantly for different types of PAYG schemes. We derive individually most-preferred PAYG rules (represented by a risk …

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