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Voluntary participation and intergenerational risk sharing in a funded pension system

Beetsma, Roel; Romp, Ward E.; Vos, Siert J. - 2011 - This version: March 16, 2011

We explore the feasibility of a funded pension system with intergenerational risk sharing when participation in the system is voluntary. Typically, the willingness of the young to participate depends on their belief about the future young's willingness to do so. We characterise equilibria with...

Persistent link: https://www.econbiz.de/10011386164

Optimal sharing of labor productivity risks and mix of pay-as-you-go and savings

Kusmerski Bilard, Debora - 2008

The paper addresses two related issues: the optimal intergenerational sharing of laborproductivity risks, through a Pay-As-You-Go (PAYG) social security, and the mix ofPAYG and savings for retirement provision in a small open economy. It shows that partial contingency of the social security on...

Persistent link: https://www.econbiz.de/10011376622

Intergenerational risk sharing with market liquidity risk

Dimitrov, Daniel - 2022

This paper examines the optimal allocation of risk across generations whose savings mix is subject to illiquidity in the form of uncertain trading costs. We use a stylized two-period OLG framework, where each generation makes a portfolio allocation decision for retirement, and show that...

Persistent link: https://www.econbiz.de/10013175574

Total factor productivity and the Mongolian transition

Chessa, Antonio G.; Schouwstra, Marije C. - 2005

Total Factor Productivity (TFP)is often used on the macro-economic level as an indicator of changes in efficiency of a … increasing and become positive after a (quite a) few years of transition. Many authors conclude that this is a gain in efficiency … increases in efficiency. To investigate this, the mathematical properties of TFP are analysed in order to generate new insights …

Persistent link: https://www.econbiz.de/10011346474

Stochastic dominance : convexity and some efficiency tests

Lizyayev, Andrey M. - 2009

convexity and efficient set characterization results on SD efficiency of a given portfolio relative to adiversified set of … Post (2003) and expand the SSD efficiency criteriadeveloped by Dybvig and Ross (1982) onto the Third Order Stochastic …

Persistent link: https://www.econbiz.de/10011379506

Unobserved heterogeneity and risk in wage variance : does schooling provide earnings insurance?

Mazza, Jacopo; Ophem, Hans van; Hartog, Joop - 2011

We apply a recently proposed method to disentangle unobserved heterogeneity from risk in returns to education. We replicate the original study on US men and extend to US women, UK men and German men. Most original results are not robust. A college education cannot universally be considered an...

Persistent link: https://www.econbiz.de/10011383274