Dummy variables can be used to detect, validate and measure the impact of outliers in data. This paper uses a model to evaluate the effectiveness of dummy variables in detecting outliers. While generally confirming some findings in the literature, the model refutes the presumption that the...

As population aging sets in, publicly managed pension systems operating on the basis of pay-as-you-go (PAYG) schemes face difficulties in maintaining contribution/replacement rate-retirement age configurations. The changing age composition of societies during demographic transition gradually...

Publicly managed pension systems operating on the basis of pay-as-you-go (PAYG) schemes face financial difficulties worldwide. The expenditure-revenue balances of such a system are determined jointly by the selected configuration of system parameters, and interrelated developments in the labour...