Bilancini, Ennio and D'Antoni, Massimo The desirability of pay-as-you-go pensions when relative consumption matters and returns are stochastic. Economics Letters, 117. pp. 418-422. ISSN 0165-1765 (2012)
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Official URL: https://doi.org/10.1016/j.econlet.2012.06.026
Abstract
Under concerns for relative consumption a PAYG system becomes more attractive because it insures pensioners against the risk of being outperformed, but it becomes potentially less effective in hedging the risks associated with financial markets. The net effect is ambiguous.
| Item Type: | Article |
|---|---|
| Identification Number: | 10.1016/j.econlet.2012.06.026 |
| Uncontrolled Keywords: | Pay-as-you-go pensions; Fully funded pensions; Relative consumption; Risk aversion; Relativity |
| Subjects: | H Social Sciences > HB Economic Theory H Social Sciences > HC Economic History and Conditions |
| Research Area: | Economics and Institutional Change |
| Depositing User: | Caterina Tangheroni |
| Date Deposited: | 24 Jan 2018 11:31 |
| Last Modified: | 24 Jan 2018 11:31 |
| URI: | http://eprints.imtlucca.it/id/eprint/3880 |
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