Thøgersen, Øystein; Bøhlerengen, Kine - In: FinanzArchiv: Public Finance Analysis 66 (2010) 2, pp. 134-152
Adopting a portfolio choice approach to pension design, we derive illuminating closed form solutions for optimal pay-as-you-go social security programs. We demonstrate that the nature of the implied risk-sharing effects and their magnitudes are sensitive to the stochastic specification of...