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dc.contributor.authorBurtless, Garyen_US
dc.date.accessioned2009-09-02en_US
dc.date.accessioned2010-05-14T08:21:56Z-
dc.date.available2010-05-14T08:21:56Z-
dc.date.issued2009en_US
dc.identifier.urihttp://hdl.handle.net/10419/30543-
dc.description.abstractThe recent financial crisis and historical record suggest important lessons about the design of national pension systems. First, wide fluctuation in asset returns makes it hard for well-informed savers to select a saving rate or a sensible investment strategy for DC pensions. Workers who follow identical investment strategies but who retire a few years apart can receive DC pensions that are startlingly unequal. Second, it is hard for ordinary workers, as opposed to optimal planners, to make sensible choices about portfolio allocation. Their investment errors mean that actual returns fall short of the theoretical returns that could be earned by a well-informed, disciplined investor.en_US
dc.language.isoengen_US
dc.publisherCESifo Münchenen_US
dc.relation.ispartofseriesCESifo working paper 2735en_US
dc.subject.jelJ32en_US
dc.subject.jelH55en_US
dc.subject.jelG11en_US
dc.subject.jelJ33en_US
dc.subject.ddc330en_US
dc.subject.stwGesetzliche Rentenversicherungen_US
dc.subject.stwUmlageverfahrenen_US
dc.subject.stwKapitaldeckungsverfahrenen_US
dc.subject.stwFinanzmarktkriseen_US
dc.subject.stwPrivate Rentenversicherungen_US
dc.subject.stwKapitalertragen_US
dc.subject.stwPortfolio-Managementen_US
dc.subject.stwRentenpolitiken_US
dc.subject.stwUSAen_US
dc.titleLessons of the financial crisis for the design of national pension systemsen_US
dc.typeWorking Paperen_US
dc.identifier.ppn608010170en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:CESifo Working Papers, CESifo Group Munich

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