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Income variability and selection of the pension system

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  • Bilge Öztürk Göktuna

Abstract

This paper provides a simple two‐period, game theoretic set‐up with heterogeneous agents to analyse individual selection of a pension scheme by different categories of agents. Agents have been differentiated according to their income variability. We describe Bayesian equilibria and provide examples to illustrate. The design of a pension scheme requires the consent of all the population, and we have shown that differences of volatility of income contribute to the divergence regarding the decision of a pension investment alternative. We also provide support for the subsistence of unfunded scheme in economies with demographic aging and with promising returns in funded alternatives.

Suggested Citation

  • Bilge Öztürk Göktuna, 2019. "Income variability and selection of the pension system," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 40(3), pages 267-276, April.
  • Handle: RePEc:wly:mgtdec:v:40:y:2019:i:3:p:267-276
    DOI: 10.1002/mde.3000
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