Share
pensionomics (in English)
Jäkel (Author)
·
springer publishing map
· Physical Book
pensionomics (in English) - jäkel
$ 104.20
$ 109.99
You save: $ 5.79
Choose the list to add your product or create one New List
✓ Product added successfully to the Wishlist.
Go to My WishlistsIt will be shipped from our warehouse between
Monday, July 01 and
Tuesday, July 02.
You will receive it anywhere in United States between 1 and 3 business days after shipment.
Synopsis "pensionomics (in English)"
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: if risk-averse investors were able to directly invest into the present value of future labour income, they would allocate their pension portfolios in both human and physical 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. this replication works regardless of the demographic development.therefore, paygo should play a key role in optimising the risk-return combinations for old-age savings. still, not all types of risk can be mitigated and macroeconomic endowment risk remains undiversifiable in any pension portfolio, even if it includes paygo elements.
- 0% (0)
- 0% (0)
- 0% (0)
- 0% (0)
- 0% (0)
All books in our catalog are Original.
The book is written in English.
✓ Producto agregado correctamente al carro, Ir a Pagar.
