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Persistent link: https://www.econbiz.de/10011988646
This paper explores the optimal risk sharing arrangement between generations in an overlapping generations model with … endogenous growth. We allow for nonseparable preferences, paying particular attention to the risk aversion of the old as well as … overall "life-cycle" risk aversion. We provide a fairly tractable model, which can serve as a starting point to explore these …
Persistent link: https://www.econbiz.de/10003375998
Persistent link: https://www.econbiz.de/10003395347
This paper explores the optimal risk sharing arrangement between generations in an overlapping generations model with … endogenous growth. We allow for nonseparable preferences, paying particular attention to the risk aversion of the old as well as … overall 'life-cycle' risk aversion. We provide a fairly tractable model, which can serve as a starting point to explore these …
Persistent link: https://www.econbiz.de/10014055039
Persistent link: https://www.econbiz.de/10012294089
In this chapter, we analyse the effects of PAYG and funded pension systems on welfare. The debate on the choice between alternative systems focuses on their effects on savings, capital accumulation, labour supply, economic growth and inequality and the potential benefits of mixed systems in...
Persistent link: https://www.econbiz.de/10012207196
. In addition, our analyses demonstrate that countries risk falling short of their goals given their use of projection …
Persistent link: https://www.econbiz.de/10012668785
For decades, pension systems were based on the rising revenue generated by an expanding population (demographic dividend). As changes in fertility and longevity created new population structures, however, the dividend disappeared, but pension systems failed to adapt. They are kept solvent by...
Persistent link: https://www.econbiz.de/10011995063
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