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Intergenerational Risk Sharing
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Book Synopsis Intergenerational Risk Sharing within Funded Pension Schemes by : Jiajia Cui
Download or read book Intergenerational Risk Sharing within Funded Pension Schemes written by Jiajia Cui and published by . This book was released on 2009 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study risk sharing between generations for a variety of realistic collective funded pension schemes, where pension benefits and contributions may depend on the funding ratio and the asset returns. The collective pension schemes organizing intergenerational risk sharing are optimized with respect to generosity of pension benefits, asset allocation and risk allocation rules. Using contingent claims valuation method, we calculate the market value of the transfers between generations. We perform a welfare comparison between the collective plans with intergenerational risk sharing and the optimal individual benchmark. We show that well-structured intergenerational risk sharing is a zero-sum game in market value terms, but can be welfare-enhancing vis-a-vis the benchmark. The expected welfare for the future entering generations is higher than for the current entry generation. Even initially underfunded collective funds may provide higher utilities than the optimal individual benchmark, provided that the initial underfunding is not too severe.
Book Synopsis Intergenerational Risk Sharing and Health Insurance Financing by : William Jack
Download or read book Intergenerational Risk Sharing and Health Insurance Financing written by William Jack and published by . This book was released on 1997 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: When medical care prices and individual health needs follow stochastic processes with non-zero trends, community rating facilitates lifetime insurance and intergenerational risk sharing. While such policies are unsustainable in competitive private insurance markets, they provide the basis for the financing of public health systems designed to spread risks efficiently.
Book Synopsis The Political Economy of Intergenerational Risk Sharing by : D.A. Hollanders
Download or read book The Political Economy of Intergenerational Risk Sharing written by D.A. Hollanders and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Can Market and Voting Institutions Generate Optimal Intergenerational Risk Sharing? by : Antonio Rangel
Download or read book Can Market and Voting Institutions Generate Optimal Intergenerational Risk Sharing? written by Antonio Rangel and published by . This book was released on 1999 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Are market and voting institutions capable of producing optimal intergenerational risk-sharing? To study this question, we consider a simple endowment economy with uncertainty and overlapping generations. Endowments are stochastic; thus it is possible to increase the welfare of every generation using intergenerational transfers that might depend on the state of the world. We characterize the transfers that are necessary to restore efficiency and compare them to the transfers that take place in markets and voting institutions. Unlike most of that literature, we study both ex-ante and interim risk-sharing. Our main conclusion is that both types of institutions have serious problems. Markets cannot generate ex-ante risk-sharing because agents can trade only after they are born. Furthermore, markets generate interim efficient insurance in some but not all economies because they cannot generate forward (old to young) intergenerational transfers. This market failure, in theory, could be corrected by government intervention. However, as long as government policy is determined by voting, intergenerational transfers might by driven more by redistributive politics than by risk sharing considerations. Successful government intervention can arise, even though agents can only vote after they are born, but only if the young determine policy in every election.
Book Synopsis Intergenerational Risk Sharing Under Loss Averse Preferences by : Mark-Jan Boes
Download or read book Intergenerational Risk Sharing Under Loss Averse Preferences written by Mark-Jan Boes and published by . This book was released on 2016 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: Individual retirement savings schemes could benefit from risk-sharing mechanisms between generations that take behavioral aspects into account. We introduce a novel risk-sharing mechanism that incorporates nominal loss-aversion in two ways. First, the system avoids out-of-pocket wealth transfers by sharing only a fraction of positive returns over a high-water mark of pension assets. Secondly, payments from a generation insurance fund are targeted at nominal pension shortfalls below a reference point, which mitigates the loss experience at retirement. From a simulation of overlapping generations with stochastic asset returns and interest rates we find that the generation insurance scheme outperforms a pure individual retirement scheme by a significant margin: a similar risk of pension shortfall can be achieved with a contribution rate that is up to 20% lower. The efficiency gains vary with the extent of risk sharing over generations but remain large for sensible parameter values.
Book Synopsis Intergenerational Risk Sharing, Stability and Optimality of Alternative Pension Systems by : John Hassler
Download or read book Intergenerational Risk Sharing, Stability and Optimality of Alternative Pension Systems written by John Hassler and published by . This book was released on 1997 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Intergenerational Risk-Sharing & Risk-Taking of a Pension Fund by :
Download or read book Intergenerational Risk-Sharing & Risk-Taking of a Pension Fund written by and published by . This book was released on 2007 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Intergenerational Risk Sharing written by and published by . This book was released on 1985 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis On Optimality of Intergenerational Risk Sharing by : Gabrielle Demange
Download or read book On Optimality of Intergenerational Risk Sharing written by Gabrielle Demange and published by . This book was released on 2000 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Intergenerational Risk-sharing and Risk-taking of a Pension Fund by : Christian Gollier
Download or read book Intergenerational Risk-sharing and Risk-taking of a Pension Fund written by Christian Gollier and published by . This book was released on 2007 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Some Propositions on Intergenerational Risk Sharing, Social Security and Self-Insurance by : Takaaki Aoki
Download or read book Some Propositions on Intergenerational Risk Sharing, Social Security and Self-Insurance written by Takaaki Aoki and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This article describes, within a microeconomic intergenerational bargaining framework incorporating two discrete periods and binary states of risks, some new aspects regarding the mixture of intergenerational risk sharing and social security. Here, state-dependent utility under mortality risk proves to generate parents' peculiar indifference curve regarding insurance contract, and self-insurance is shown to play a crucial role on the decision regarding social security holding and intergenerational transfer contract. This peculiar aspect, given for the first time in this article, also derives some novel features of insurance theory under lifetime uncertainty, where the current position in social security contract could adversely affect parents' decision regarding intergenerational risk sharing with children.
Book Synopsis Political Intergenerational Risk Sharing by : Marcello D'Amato
Download or read book Political Intergenerational Risk Sharing written by Marcello D'Amato and published by . This book was released on 2008 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Intergenerational Risk Sharing and the Design of Pay-as-you-go Pension Programs by : Oystein Thogersen
Download or read book Intergenerational Risk Sharing and the Design of Pay-as-you-go Pension Programs written by Oystein Thogersen and published by . This book was released on 1996 with total page 6 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis On Opiimality of Intergenerational Risk Sharing by : Gabrielle Demange
Download or read book On Opiimality of Intergenerational Risk Sharing written by Gabrielle Demange and published by . This book was released on 2000 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis On Intergenerational Risk Sharing within Social Security Schemes by :
Download or read book On Intergenerational Risk Sharing within Social Security Schemes written by and published by . This book was released on 2001 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Intergenerational Risk Sharing with Market Liquidity Risk by : Daniel Dimitrov
Download or read book Intergenerational Risk Sharing with Market Liquidity Risk written by Daniel Dimitrov and published by . This book was released on 2022 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the optimal allocation of risk across generations whose savings mix is subject to illiquidity in the form of uncertain trading costs. We use a stylized two-period OLG framework, where each generation makes a portfolio allocation decision for retirement, and show that illiquidity reduces the range of transferable shocks between generations and thus lowers the benefits of risk-sharing. Higher illiquidity then may justify higher levels of risk sharing to compensate for the trading friction. We still find that a contingent transfers policy based on a reasonably parametrized savings portfolio with liquid and illiquid assets increases aggregate welfare.
Book Synopsis Investment in Children, Social Security, and Intergenerational Risk Sharing by : Simon Chengze Fan
Download or read book Investment in Children, Social Security, and Intergenerational Risk Sharing written by Simon Chengze Fan and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
