Savings for retirement under liquidity constraints: A note
Pension systems often entail some compulsory saving over which individuals have some degree of choice in terms of the pension plan in which to invest. We analyse whether the choice between alternative plans is affected by the presence of liquidity constraints during working life and we prove that the analytical conditions that determine the choice between different plans are the same in the constrained and unconstrained case.
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- Matsen, Egil & Thogersen, Oystein, 2004.
"Designing social security - a portfolio choice approach,"
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