This paper frames the decision to purchase a fixed immediate annuity as a wager that can be won or lost. The alternative bet is to hold a portfolio of long government bonds, drawing income and liquidating principal as necessary. There is some probability of ruin in either case: the bond...

Private pension assets are defined as all forms of private investment with a value associated to a pension plan over which ownership rights are enforced by institutional units, individually or collectively. This indicator is measured in millions of USD.

This paper uses stochastic simulations on calibrated models to assess the optimal degree of reliance on fun ded pensions and on a particular type of unfunded (PAYG) pension. Surprisingly little is known about the optimal split between funded and unfunded systems when there are sources of...

Financial provision for old age is a serious issue. This paper therefore begins by outlining the pension situation in Germany, arriving at the conclusion that, as matters stand at present, none of the three "pillars" of pension provision - state and occupational pensions and private pension...