Pensionomics : on the role of PAYGO in pension portfolios
Author(s)
Bibliographic Information
Pensionomics : on the role of PAYGO in pension portfolios
（Lecture notes in economics and mathematical systems, 572）
Springer, c2006
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Note
Thesis (doctoral)--WHU - Otto Beisheim School of Management
Bibliography: p. [295]-316
Description and Table of Contents
Description
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 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.
Table of Contents
The Problem.- Global Aging and Pensionomics.- Methodical Foundation.- The Model.- Tradable Human Capital.- Replication with PAYGO.- The Implications.- Discussion and Assessment.- Conclusion and Further Research.
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