Matthias F. Jäkel

Pensionomics (eBook, PDF)

On the Role of PAYGO in Pension Portfolios

• Format: PDF

Produktbeschreibung

Pensionomics puts forward a portfolio perspective on the combination of funded and unfunded pension arrangements. In a second-best type argument it is formally shown that a Pay-As-You-Go pension system can substitute the tradability of human capital. While this ideal form of diversification can not be implemented due to the imperfection of capital markets, one can design a typical Pay-As-You-Go system in such a way that it allows for the same intertemporal consumption allocations as the first-best solution.

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Produktdetails

• Verlag: Springer Berlin Heidelberg
• Seitenzahl: 316
• Erscheinungstermin: 6. Oktober 2006
• Englisch
• ISBN-13: 9783540346692
• Artikelnr.: 37372013

Autorenporträt

Matthias F. Jäkel, WHU, Otto Beisheim School of Management, Vallendar, Germany

Inhaltsangabe

The Problem.- Global Aging and Pensionomics.- Methodical Foundation.- The Model.- Tradable Human Capital.- Replication with PAYGO.- The Implications.- Discussion and Assessment.- Conclusion and Further Research.