We use a case study of a pension plan wishing to hedge the longevity risk in its pension liabilities at a future date. The plan has the choice of using either a customised hedge or an index hedge, with the degree of hedge effectiveness being closely related to the correlation between the value...

Linear programming is an important method for computing solutions to private information problems. The method is applicable for arbitrary specifications of the references and technology. Unfortunately, as the cardinality of underlying sets increases the programs quickly become too large to...

Linear programming is an important method for computing solutions to private information problems. The method is applicable for arbitrary specifications of the preferences and technology. Unfortunately, as the cardinality of underlying sets increases the programs quickly become too large to...

This paper investigates the gender wage gap among skilled German workers after the end of vocational training using data from social security record. Using information on worker and plant characteristics for both the training plant and the current employer, results from standard decomposition...