Designing Pension Plans According to Consumption-Savings Theory
基于消费储蓄理论，推导出固定缴费型养老金的最优缴费率特征：随年龄增长而提高，随余额收入比下降而降低。利用瑞典数据发现，近半数人按此原则储蓄，但约一半人呈手到口行为。按此原则设计缴费率可带来1.8%福利提升，同时保持相同平均替代率。
Abstract We derive optimal characteristics of contribution rates into defined contribution pension plans based on consumption-savings theory. Contribution rates should increase with age and decrease with the balance-to-income ratio. Using Swedish registry data, we show that on average, individuals save according to those principles. However, almost half of the population behaves hand-to-mouth and does not undo the mandated constant contribution rates. In a quantitative model, designing contribution rates to follow the principles implies a 1.8% welfare gain and less dispersed replacement rates, while maintaining the same average replacement rate. Results are robust to various sources of model misspecification, including temptation preferences.