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. Our contribution analyses whether the choice between alternative plans is affected by the presence of liquidity constraints during working life. We show that liquidity constraints obviously affect the amount saved and consumed during working life but they do not affect the decision on which pension plan to choose. In fact 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,"
European Economic Review,
Elsevier, vol. 48(4), pages 883-904, August.
- Egil Matsen & Øystein Thøgersen, 2000. "Designing Social Security – A Portfolio Choice Approach," Working Paper Series 1102, Department of Economics, Norwegian University of Science and Technology.
- Matsen, E. & Thogersen, O., 2001. "Designing Social Security - A Portfolio Choice Approach," Papers 21/2001, Norwegian School of Economics and Business Administration-.
- De Menil, Georges & Murtin, Fabrice & Sheshinski, Eytan, 2006. "Planning for the optimal mix of paygo tax and funded savings," Journal of Pension Economics and Finance, Cambridge University Press, vol. 5(01), pages 1-25, March.
- Georges de Menil & Eytan Sheshinski, 2004. "Planning for the Optimal Mix of Paygo Tax and Funded Savings," DELTA Working Papers 2004-15, DELTA (Ecole normale supérieure).
- Georges De Menil & Fabrice Murtin & Eytan Sheshinski, 2006. "Planning for the optimal mix of paygo tax and funded savings," Post-Print halshs-00754168, HAL.
- Corsini, Lorenzo & Spataro, Luca, 2011. "Optimal decisions on pension plans in the presence of financial literacy costs and income inequalities," MPRA Paper 30946, University Library of Munich, Germany.
- Lorenzo Corsini & Pier Mario Pacini & Luca Spataro, 2012. "Workers' Choice on Pension Schemes," Public Finance Review, , vol. 40(2), pages 207-239, March.
- Makarov, Dmitry & Schornick, Astrid V., 2010. "A note on wealth effect under CARA utility," Finance Research Letters, Elsevier, vol. 7(3), pages 170-177, September.
- Andreas Wagener, 2003. "Pensions as a portfolio problem: fixed contribution rates vs. fixed replacement rates reconsidered," Journal of Population Economics, Springer;European Society for Population Economics, vol. 16(1), pages 111-134, 02.
- Dutta, Jayasri & Kapur, Sandeep & Orszag, J. Michael, 2000. "A portfolio approach to the optimal funding of pensions," Economics Letters, Elsevier, vol. 69(2), pages 201-206, November. Full references (including those not matched with items on IDEAS)
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