@TechReport{iza:izadps:dp249,
            	author={Praag, Bernard M. S. van and Cardoso, Pedro},
            	title={"Should I Pay for You or for Myself?" The Optimal Level and Composition of Retirement Benefit Systems},
            	year={2001},
	month={Jan},
            	institution={Institute of Labor Economics (IZA)},
            	address={Bonn},
            	type={IZA Discussion Paper},
            	number={249},
            	url={https://www.iza.org/publications/dp249},
	abstract={Feldstein [1985] posed the questions of what would be the optimal level of retirement benefit, and what would be the optimal mix between the pay-as-you-go system and the funded pension system under the assumption of an exogenous interest rate. We reconsider the problem with the addition of a flexible production function and, consequently, an endogenous interest rate. Moreover, we allow the contributions rate è to be negative as well. In the case of a negative è , the retired subsidize the workers out of their saved capital. This case turns out to be the optimal one in situations of low population growth.},
	keywords={welfare systems;retirement benefits;funded pensions;pay-as-you-go systems;Social security},
            }