α

Capital’s share of output

0.33

β

Time discount factor

0.97

δ

Depreciate rate

0.04

d

Technical progress rate

0.015

ρ

Pension-income replacement ratio

0.465

θ

Inter-temporal elasticity of substitution for consumption

0.25

Tax rate on capital income

0.14

Consumption tax rate

0.05

Wage income tax rate

0.135

Worker’s public pension contribution rate

0.13

Government’s share of public pension premium

0.6