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Pensionomics : On the Role of PAYGO in Pension Portfolios

Jäkel, Matthias F. (contributor) - 2006

Pensionomics puts forward a portfolio perspective on the combination of funded and unfunded pension arrangements. In a second-best type argument it is formally shown that a Pay-As-You-Go pension system can substitute the tradability of human capital. While this ideal form of diversification can...