Table 3 Calibrated parameters

From: Reforming retirement age in DB and DC pension systems in an aging OLG economy with heterogenous agents

α	Capital share	0.31
τ _l	Labor tax	0.11
ϕ	Preference for leisure	0.5
δ	Discounting rate	0.99
d	Depreciation rate	0.0515
τ	Total soc. security contr.	0.061
ρ	Replacement rate	0.18
		resulting
	Labor force participation	55.3
(d k)/y	Investment rate	24.3
r	Interest rate	6.3

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