TY  - RPRT
        AU  - Praag, Bernard M. S. van
AU  - Cardoso, Pedro
        TI  - "Should I Pay for You or for Myself?" The Optimal Level and Composition of Retirement Benefit Systems
        PY  - 2001/Jan/
        PB  - Institute of Labor Economics (IZA)
        CY  - Bonn
        T2  - IZA Discussion Paper
        IS  - 249
        UR  - https://www.iza.org/publications/dp249
        AB  - 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.
        KW  - welfare systems
KW  - retirement benefits
KW  - funded pensions
KW  - pay-as-you-go systems
KW  - Social security
        ER  -