Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/52480
Authors: 
Beetsma, Roel
Alessandro, Bucciol
Year of Publication: 
2011
Series/Report no.: 
CESifo working paper: Fiscal Policy, Macroeconomics and Growth 3640
Abstract: 
This paper explores the introduction of collective risk-sharing elements in defined contri-bution pension contracts. We consider status-contingent, age-contingent and asset contingent risk-sharing arrangements. All arrangements raise aggregate welfare, as measured by equiva- lent variations. While working individuals hardly benefit or may even lose, retirees experience substantial welfare gains. An increase in the tax deductability of pension contributions can be beneficial for working cohorts, but comes at the cost of a reduction in aggregate welfare due to efficiency losses.
Subjects: 
funded pensions
risk-sharing
defined contribution
inter-generational welfare
equivalent variation
stochastic simulations
JEL: 
H55
I38
C61
Document Type: 
Working Paper

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