Empirical research suggests that the public pension system has reduced savings. Discuss this result in the context of the life-cycle model and the consequences of the wealth substitution effect, the retirement effect, and the bequest effect on savings decisions.

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The Answer of Empirical research suggests that the public pension system has reduced savings. Discuss this result in the context of the life-cycle model and the consequences of the wealth substitution effect, the retirement effect, and the bequest effect on savings decisions.

Empirical Research Suggests That the Public Pension System Has Reduced