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Lecture Notes in Economics and Mathematical Systems
cover

Pensionomics

On the Role of PAYGO in Pension Portfolios

Authors: Jäkel, Matthias F.

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About this book

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: if risk-averse investors were able to directly invest into the present value of future labour income, they would allocate their pension portfolios in both human and physical capital. While this ideal form of diversification can not be implemented due to the imperfection of capital markets, one can design a typical Pay-As-You-Go system in such a way that it allows for the same intertemporal consumption allocations as the first-best solution. This replication works regardless of the demographic development.Therefore, PAYGO should play a key role in optimising the risk-return combinations for old-age savings.

Table of contents (6 chapters)

Table of contents (6 chapters)
  • Global Aging and Pensionomics

    Pages 3-18

  • Methodical Foundation

    Pages 19-49

  • Tradable Human Capital

    Pages 53-120

  • Replication with PAYGO

    Pages 121-169

  • Discussion and Assessment

    Pages 173-239

Buy this book

eBook $109.00
price for USA in USD
  • ISBN 978-3-540-34669-2
  • Digitally watermarked, DRM-free
  • Included format: PDF
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Softcover $139.99
price for USA in USD
  • ISBN 978-3-540-32597-0
  • Free shipping for individuals worldwide
  • Institutional customers should get in touch with their account manager
  • Covid-19 shipping restrictions
  • Usually ready to be dispatched within 3 to 5 business days, if in stock
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Bibliographic Information

Bibliographic Information
Book Title
Pensionomics
Book Subtitle
On the Role of PAYGO in Pension Portfolios
Authors
Series Title
Lecture Notes in Economics and Mathematical Systems
Series Volume
572
Copyright
2006
Publisher
Springer-Verlag Berlin Heidelberg
Copyright Holder
Springer-Verlag Berlin Heidelberg
eBook ISBN
978-3-540-34669-2
DOI
10.1007/3-540-34669-4
Softcover ISBN
978-3-540-32597-0
Series ISSN
0075-8442
Edition Number
1
Number of Pages
XII, 316
Topics