TY  - JOUR
EP  - 422
ID  - eprints3880
VL  - 117
UR  - https://doi.org/10.1016/j.econlet.2012.06.026
JF  - Economics Letters
AV  - none
TI  - The desirability of pay-as-you-go pensions when relative consumption matters and returns are stochastic
Y1  - 2012///
KW  - Pay-as-you-go pensions; Fully funded pensions; Relative consumption; Risk aversion; Relativity
SP  - 418
N2  - 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.
A1  - Bilancini, Ennio
A1  - D'Antoni, Massimo
PB  - Elsevier
SN  - 0165-1765
ER  -