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Optimal portfolio management for individual pension plans
Gollier, Christian (contributor) - 2005
We explore the various arguments for and against the recommendation that younger households should invest a larger share of their pension wealth in risky assets. The ability of young agents to compensate their financial losses by saving more during their career provides the strongest argument in...
Persistent link: https://www.econbiz.de/10002577086
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Double diversification with an application to Iceland
Thorvaldur Gylfason; Wijkman, Per Magnus - 2015 - Final version, 27 May 2015
diversification as an essential aspect of national risk management aimed at promoting efficiency, growth, and welfare. The paper first … presents economic and political diversification side by side in a cross-country framework and discusses how they interact and … effects of insufficient economic and insufficient political diversification. Dominated for decades by the fishing industry …
Persistent link: https://www.econbiz.de/10010533096
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Asset diversification versus climate action
Hambel, Christoph; Kraft, Holger; Ploeg, Frederick van der - 2020
. In the longer run, however, a trade-off between diversification and climate action emerges. We derive the optimal carbon …
Persistent link: https://www.econbiz.de/10012258563
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Paralyzed by shock and confused by glut : the portfolio formation behavior of peer-to-business lending investors
Dorfleitner, Gregor; Hornuf, Lars; Weber, Martina - 2018
We study the investor behavior on a leading peer-to-business lending platform and find evidence of two new investment biases - a default shock bias and a deep market bias. First, we find investors to stop investing in new loans and to cease from diversifying their portfolio after experiencing a...
Persistent link: https://www.econbiz.de/10011863582
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Lessons of the financial crisis for the design of national pension systems
Burtless, Gary - 2009
The recent financial crisis and historical record suggest important lessons about the design of national pension systems. First, wide fluctuation in asset returns makes it hard for well-informed savers to select a saving rate or a sensible investment strategy for DC pensions. Workers who follow...
Persistent link: https://www.econbiz.de/10003872221
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Pension benefit insurance and pension plan portfolio choice
Crossley, Thomas F.; Jametti, Mario - 2008
. Economic theory suggests that such schemes will face moral hazard and adverse selection problems. In this note we test a …
Persistent link: https://www.econbiz.de/10003803567
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Weak and strong cross section dependence and estimation of large panels
Chudik, Alexander; Pesaran, M. Hashem; Tosetti, Elisa - 2009
This paper introduces the concepts of time-specific weak and strong cross section dependence. A double-indexed process is said to be cross sectionally weakly dependent at a given point in time, t, if its weighted average along the cross section dimension (N) converges to its expectation in...
Persistent link: https://www.econbiz.de/10003854425
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Econometric analysis of high dimensional VARs featuring a dominant unit
Pesaran, M. Hashem; Chudik, Alexander - 2010
This paper extends the analysis of infinite dimensional vector autoregressive models (IVAR) proposed in Chudik and Pesaran (2010) to the case where one of the variables or the cross section units in the IVAR model is dominant or pervasive. This extension is not straightforward and involves...
Persistent link: https://www.econbiz.de/10003969212
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Income dependent equivalence scales, inequality, and poverty
Dudel, Christian; Garbuszus, Jan Marvin; Ott, Notburga; … - 2015
Most equivalence scales which are applied in research on poverty and inequality do not depend on income, although there is strong empirical evidence that equivalence scales in fact are income dependent. This paper explores the consistency of results derived from income independent and income...
Persistent link: https://www.econbiz.de/10011374211
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The impact of entry regulation on total welfare : a policy experiment
Liu, An-Hsiang; Siebert, Ralph; Zulehner, Christine - 2013
This paper evaluates how different lengths of entry regulation impact market structure and market performance using a dynamic structural model. We formulate an oligopoly model in the tradition of Ericson and Pakes (1995) and allow entry costs to vary over time. Firms have the opportunity to...
Persistent link: https://www.econbiz.de/10009764443