relation: http://eprints.imtlucca.it/3880/
title: The desirability of pay-as-you-go pensions when relative consumption matters and returns are stochastic
creator: Bilancini, Ennio
creator: D'Antoni, Massimo
subject: HB Economic Theory
subject: HC Economic History and Conditions
description: 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.
publisher: Elsevier
date: 2012
type: Article
type: PeerReviewed
identifier:   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)  
relation: https://doi.org/10.1016/j.econlet.2012.06.026
relation: doi: 10.1016/j.econlet.2012.06.026