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government's role in promoting risk sharing. Benefits for each retired person may be tied to that person's lifetime income …
Persistent link: https://www.econbiz.de/10013245709
The market portfolio is in one sense the least important portfolio to provide to investors. In an J-agent one-period stochastic endowment economy, where preferences are quadratic, a social-welfare-minded contract designer would never create a contract that would allow trading the market...
Persistent link: https://www.econbiz.de/10012763547
the most important risk-sharing opportunities, and, therefore, the most important missing international risk markets to … establish. One method uses a total variance reduction criterion, and identifies risk-sharing opportunities in terms of … mean-variance utility-maximizing criterion and identifies risk-sharing opportunities in terms of eigenvectors of a variance …
Persistent link: https://www.econbiz.de/10013224942
The life-cycle accounts proposal for Social Security reform has been justified by its proponents using a number of different arguments, but these arguments generally involve the assumption of a high likelihood of good returns on the accounts. A simulation is undertaken to estimate the...
Persistent link: https://www.econbiz.de/10013227537