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