We develop an OLG model with realistic assumptions about longevity to analyze the welfare effects of raising the … the majority of welfare effects comes from adjustments in taxes and/or prices. After the transition period, welfare … although incentives differ between defined benefit and defined contribution systems, the welfare effects are of comparable …

simplifying assumptions and incorporate these expected utility calculations in an overall social welfare measure. Using a … terms of social welfare, this accumulation of assets leads to a lower average rate of return that more than offsets the …