eprintid: 3880
rev_number: 6
eprint_status: archive
userid: 69
dir: disk0/00/00/38/80
datestamp: 2018-01-24 11:31:54
lastmod: 2018-01-24 11:31:54
status_changed: 2018-01-24 11:31:54
type: article
metadata_visibility: show
creators_name: Bilancini, Ennio
creators_name: D'Antoni, Massimo
creators_id: ennio.bilancini@imtlucca.it
creators_id: 
title: The desirability of pay-as-you-go pensions when relative consumption matters and returns are stochastic
ispublished: pub
subjects: HB
subjects: HC
divisions: EIC
full_text_status: none
keywords: Pay-as-you-go pensions; Fully funded pensions; Relative consumption; Risk aversion; Relativity
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.
date: 2012
date_type: published
publication: Economics Letters
volume: 117
publisher: Elsevier
pagerange: 418-422
id_number: doi: 10.1016/j.econlet.2012.06.026
refereed: TRUE
issn: 0165-1765
official_url: https://doi.org/10.1016/j.econlet.2012.06.026
citation:   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)