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rather than shifts in the benefit of risk sharing provided by the system …
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This study compares alternative designs of an unfunded pension system. Convex combinations between a fixed contribution rate and a fixed benefit rate are considered. The objective is to maximize the expected ex-ante welfare under stochastic fertility. The model is a three-period CGE framework...
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benefits of risk reduction, leaving systems with more frequent adjustments that spread risks broadly among generations as those …
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