between funded and unfunded systems when there are sources of uninsurable risk that are allocated in different ways by … importance of unfunded, state pensions differs. We estimate how the optimal level of unfunded, state pensions depends on rate of … is rapid and unfunded pensions are currently generous. …

pensions and on a particular type of unfunded (PAYG) pension. Surprisingly little is known about the optimal split between … funded and unfunded systems when there are sources of uninsurable risk that are allocated in different ways by different … state the importance of PAYG pensions differs. We estimate how the optimal level of unfunded, state pensions depends on rate …