Noriyuki Takayama is Professor of Economics at Hitotsubashi University, Tokyo. He is Director General and CEO of the Project on Intergenerational Equity (PIE). He has published numerous books and articles in international publications including Econometrica and American Economic Review and he edited the book titled Taste of Pie: Searching for Better Pension Provisions in Developed Countries (Maruzen Co., Ltd., 2003) and Pensions in Asia: Incentives, Compliance and Their Role in Retirement (Maruzen Co., Ltd., 2005). He works as a key player on the pension policy of Japan. Address is Institute of Economic Research, Hitotsubashi University, 2-1, Naka, Kunitachi, Tokyo, 186-8603, Japan. Email: takayama@ier.hit-u.ac.jp

Naohiro Ogawa is Professor of Economics and is Deputy Director of the Population Research Institute at Nihon University, Tokyo. Over the last 25 years, he has been written extensively on population and development in Japan and other Asian nations. His numerous papers have been published in international journals including Population and Development Review, Population Studies, American Economic Review, and Journal of Labor Economics. Address is Population Research Institute, Nihon University, 1-3-2 Misaki-cho, Chiyoda-ku, Tokyo 02-8360, Japan. Email: ogawa@eco.nihon-u.ac.jp