In this chapter, we analyse the effects of PAYG and funded pension systems on welfare. The debate on the choice between … important part of any mixed system. Secondly, the design of the pension system should efficiently balance incentives and … that, regardless of social preferences, imposing a target of pension expenditure on GDP maximises social welfare. …

We evaluate several actual and hypothetical sustainable PAYGO pension structures, including: (1) versions of the US …

pensions and on a particular type of unfunded (PAYG) pension. Surprisingly little is known about the optimal split between … types of pension system. This paper calculates the expected welfare of agents in differenteconomies where in the steady …