We study the gap between the state pension provided by the Italian pension system pre-Dini reform and post-Dini reform. The goal is to fill the gap between the old and the new pension by joining a defined contribution pension scheme and adopting an optimal investment strategy that is...

This paper uses a novel numerical optimization technique – robust optimization – that is well suited to solving the asset-liability management (ALM) problem for pension schemes. It requires the estimation of fewer stochastic parameters, reduces estimation risk and adopts a prudent approach...

This paper deals with the evolution of the literature on the problem of population and growth from the classical period to the recent literature on endogenous growth and development. The 'problem' concerns two distinct issues: 1. how to explain the observed covariation of the levels and rates of...