The desirability of pay-as-you-go pensions when relative consumption matters and returns are stochastic

被引：5

作者：

Bilancini, Ennio ^{[1
]}

D'Antoni, Massimo ^{[2
]}

机构：

[1] Univ Modena & Reggio Emilia, Dipartimento Econ Polit, I-41100 Modena, Italy

[2] Univ Siena, Dipartimento Econ Polit, I-53100 Siena, Italy

来源：

ECONOMICS LETTERS | 2012年 / 117卷 / 02期

关键词：

Pay-as-you-go pensions; Fully funded pensions; Relative consumption; Risk aversion; Relativity; SOCIAL-SECURITY; UTILITY; HAPPINESS; CHOICE;

D O I：

10.1016/j.econlet.2012.06.026

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Under concerns for relative consumption a PAYG system becomes more attractive because it insures pensioners against the risk of being outperformed, but it becomes potentially less effective in hedging the risks associated with financial markets. The net effect is ambiguous. (C) 2012 Elsevier B.V. All rights reserved.

引用

页码：418 / 422

页数：5

共 20 条

[1] Intergenerational risk sharing in the spirit of Arrow, Debreu, and Rawls, with applications to social security design [J].

Ball, Laurence ;

Mankiw, N. Gregory .

JOURNAL OF POLITICAL ECONOMY, 2007, 115 (04) :523-547

[2]

Bilancini E., 2009, DESIRABILITY PAY AS

[3]

Bohn H, 2001, NBER CONF R, P203

[4] A CHARACTERIZATION OF THE DISTRIBUTIONS THAT IMPLY MEAN VARIANCE UTILITY-FUNCTIONS [J].

CHAMBERLAIN, G .

JOURNAL OF ECONOMIC THEORY, 1983, 29 (01) :185-201

[5] Relative income, happiness, and utility: An explanation for the Easterlin paradox and other puzzles [J].

Clark, Andrew E. ;

Frijters, Paul ;

Shields, Michael A. .

JOURNAL OF ECONOMIC LITERATURE, 2008, 46 (01) :95-144

[6] A portfolio approach to the optimal funding of pensions [J].

Dutta, J ;

Kapur, S ;

Orszag, JM .

ECONOMICS LETTERS, 2000, 69 (02) :201-206

[7] Variance vulnerability, background risks, and mean-variance preferences [J].

Eichner, T ;

Wagener, A .

GENEVA PAPERS ON RISK AND INSURANCE THEORY, 2003, 28 (02) :173-184

[8] What can economists learn from happiness research? [J].

Frey, BS ;

Stutzer, A .

JOURNAL OF ECONOMIC LITERATURE, 2002, 40 (02) :402-435

[9] Running to keep in the same place: Consumer choice as a game of status [J].

Hopkins, E ;

Kornienko, T .

AMERICAN ECONOMIC REVIEW, 2004, 94 (04) :1085-1107

[10] The Optimal Mix Between Funded and Unfunded Pension Systems When People Care About Relative Consumption [J].

Knell, Markus .

ECONOMICA, 2010, 77 (308) :710-733

← 1 2 →