China Finance and Economic Review

Table 1 Various parameters and value setting

From: The choice of pension and retirement systems when post-1960s baby boomers start to retire in China

Parameters	Value setting	Setting basis
K _i (million)	1,329,516	Gu and Zhang (2012)
L _i (person)	656,863,206	Sixth census data
α	0.5	Lu and Cai (2014)
A	0.021455305	Calibrated
σ	0.95	Yang (2006)
β	0.98	Liao (2013)
δ	0.05	Lu and Cai (2014)
μ	0.2	Liao (2013)
ɸ	0.1	Yang et al. (2015)

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