Are market and voting institutions capable of producing optimal intergenerational risk-sharing? To study this question … that take place in markets and voting institutions. Unlike most of the literature, we study both ex-ante and interim risk …-sharing. Our main conclusion is that both types of institutions have serious problems. Markets cannot generate ex-ante risk …

certain conditions, this new system has milder effects than Campbell's on risk-free interest rate, and prices and risk premium …

intergenerational risk sharing (IRS) rule.Through a simulation-based study, we show that the CDC scheme consistently outperforms the … comparable individual DC scheme in terms of risk-adjusted performance. An extensive sensitivity analysis indicates that this …