myopia may justify public pensions but never alongside positive private savings. With sufficient myopia, co-existence of …This paper revisits the role played by myopia in generating a theoretical rationale for pay-as-you-go social security … positive optimal pensions and positive private saving is possible if the real interest rate on saving evolves endogenously, as …

myopia may justify public pensions but never alongside positive private savings. With sufficient myopia, co-existence of …This paper revisits the role played by myopia in generating a theoretical rationale for pay-as-you-go social security … positive optimal pensions and positive private saving is possible if the real interest rate on saving evolves endogenously, as …

-saving schemes. This is true even in dynamically efficient economies where such pensions offer a lower return. The classic Aaron …, undersave due to myopia or time-inconsistency. In that case, if the government is paternalistic, a welfare rationale for PAYG … pensions arises but only if voluntary retirement saving is fully crowded out because of a binding borrowing constraint. This …

-saving schemes. This is true even in dynamically efficient economies where such pensions offer a lower return. The classic Aaron …, undersave due to myopia or time-inconsistency. In that case, if the government is paternalistic, a welfare rationale for PAYG … pensions arises but only if voluntary retirement saving is fully crowded out because of a binding borrowing constraint. This …

-sector model, leading to a different conclusion about the desirability of unfunded pensions. …