Pensionomics: On the Role of PAYGO in Pension Portfolios
Pensionomics puts forward a portfolio perspective on the combination of funded and unfunded pension arrangements. In a second-best type argument it is formally shown that a Pay-As-You-Go pension system can substitute the tradability of human capital. While this ideal form of diversification can not be implemented due to the imperfection of capital markets, one can design a typical Pay-As-You-Go system in such a way that it allows for the same intertemporal consumption allocations as the first-best solution.
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Pensionomics: On the Role of PAYGO in Pension Portfolios
Pensionomics puts forward a portfolio perspective on the combination of funded and unfunded pension arrangements. In a second-best type argument it is formally shown that a Pay-As-You-Go pension system can substitute the tradability of human capital. While this ideal form of diversification can not be implemented due to the imperfection of capital markets, one can design a typical Pay-As-You-Go system in such a way that it allows for the same intertemporal consumption allocations as the first-best solution.
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Pensionomics: On the Role of PAYGO in Pension Portfolios
316
Pensionomics: On the Role of PAYGO in Pension Portfolios
316Paperback(2006)
$109.99
109.99
In Stock
Product Details
| ISBN-13: | 9783540325970 |
|---|---|
| Publisher: | Springer Berlin Heidelberg |
| Publication date: | 06/15/2006 |
| Series: | Lecture Notes in Economics and Mathematical Systems , #572 |
| Edition description: | 2006 |
| Pages: | 316 |
| Product dimensions: | 6.10(w) x 9.25(h) x 0.03(d) |
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