Read Books Online and Download eBooks, EPub, PDF, Mobi, Kindle, Text Full Free.
Download Intergenerational Risk Sharing And Risk Taking Of A Pension Fund full books in PDF, epub, and Kindle. Read online Intergenerational Risk Sharing And Risk Taking Of A Pension Fund ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!
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:
Author : Christian Gollier
Publisher :
ISBN 13 :
Total Pages : 46 pages
Book Rating : 4.:/5 (16 download)
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:
Author : Roel M. W. J. Beetsma
Publisher :
ISBN 13 :
Total Pages : 52 pages
Book Rating : 4.3/5 ( download)
Download or read book Pension Systems, Intergenerational Risk Sharing and Inflation written by Roel M. W. J. Beetsma and published by . This book was released on 2006 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recoge: 1. Introduction. - 2. The command economy. - 3. The decentralized economy. - 4. The loglinearized model. - 5. Laissez-faire: no pension system. - 6. The pension system. - 7. Optimal pension arrangements. - 8. Conclusions.
Author : Roel M. W. J. Beetsma
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (713 download)
Download or read book Voluntary Participation and Intergenerational Risk Sharing in a Funded Pension System written by Roel M. W. J. Beetsma and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We explore the feasibility of a funded pension system with intergenerational risk sharing when participation in the system is voluntary. Typically, the willingness of the young to participate depends on their belief about the future young's willingness to do so. We characterise equilibria with voluntary participation and show that the likelihood of their existence increases with risk aversion and financial market uncertainty. We find that it is likely that mandatory participation is necessary to sustain a funded pension pillar and to let participants benefit from intergenerational risk sharing.
Author : Roel M. W. J. Beetsma
Publisher :
ISBN 13 :
Total Pages : 29 pages
Book Rating : 4.:/5 (71 download)
Download or read book Voluntary participation and intergenerational risk sharing in a funded pension system written by Roel M. W. J. Beetsma and published by . This book was released on 2011 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Ilja Boelaars
Publisher :
ISBN 13 :
Total Pages : 32 pages
Book Rating : 4.:/5 (13 download)
Download or read book Optimal Risk-Sharing in Pension Funds When Stock and Labor Markets are Co-Integrated written by Ilja Boelaars and published by . This book was released on 2018 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: A well established believe in the pension industry is that collective pension funds should take more stock market risk (compared to individual retirement accounts) since risk may be shared with future generations. We extend the OLG model of Gollier (2008) by adding labor income risk in the spirit of Benzoni, Collin-Dufresne, and Goldstein (2007) and show that this idea may be misguided. For the empirical range of parameter values reported by Benzoni et. al., we find that optimal risk-sharing actually implies that collective pension funds should take less stock market risk, not more. If labor income and dividend income are co-integrated, efficient risk-sharing policies should transfer risk from future generations to current generations instead of the other way around. Furthermore, we find that the potential welfare gains from intergenerational risk-sharing are significantly lowered.
Author : Mark-Jan Boes
Publisher :
ISBN 13 :
Total Pages : 31 pages
Book Rating : 4.:/5 (13 download)
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.
Author : Dennis Bams
Publisher :
ISBN 13 :
Total Pages : 32 pages
Book Rating : 4.:/5 (13 download)
Download or read book Optimal Risk Sharing in a Collective Defined Contribution Pension System written by Dennis Bams and published by . This book was released on 2016 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyze a collective defined contribution pension fund which aims at intergenerational risk sharing among different age cohorts using a return smoothing mechanism. Using a utility based framework, we find that approximately one third of unexpected return shocks should be directly passed on to all the cohorts in the year the shock occurs by means of the smoothing mechanism. We demonstrate that risk sharing implemented in this way is welfare improving compared to a plan with no risk sharing and more sustainable compared to defined benefit pension fund plans. Additionally, we show that the asset allocation of such a pension fund automatically corresponds to the life-cycle portfolio choice theory.
Author : David Blitzstein
Publisher : Oxford University Press, USA
ISBN 13 : 0199204659
Total Pages : 270 pages
Book Rating : 4.1/5 (992 download)
Download or read book Restructuring Retirement Risks written by David Blitzstein and published by Oxford University Press, USA. This book was released on 2006-08-03 with total page 270 pages. Available in PDF, EPUB and Kindle. Book excerpt: Highlighting retirement security as a major policy concern, this book addresses the question 'What are the risks & rewards in pensions, & what paths can stakeholders chose to solve these problems?'. It deals with employees' needs & expectations, employers' intentions & realizations, & policymakers' efforts to resolve the many challenges.
Author : Damiaan H. J. Chen
Publisher :
ISBN 13 :
Total Pages : 38 pages
Book Rating : 4.:/5 (87 download)
Download or read book Intergenerational Risk-sharing Through Funded Pensions and Public Debt written by Damiaan H. J. Chen and published by . This book was released on 2014 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Roel M. W. J. Beetsma
Publisher :
ISBN 13 :
Total Pages : 26 pages
Book Rating : 4.:/5 (35 download)
Download or read book Funded Pensions and Intergenerational Risk Sharing in General Equilibrium written by Roel M. W. J. Beetsma and published by . This book was released on 2008 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Onno W. Steenbeek
Publisher : Springer Science & Business Media
ISBN 13 : 354074374X
Total Pages : 247 pages
Book Rating : 4.5/5 (47 download)
Download or read book Costs and Benefits of Collective Pension Systems written by Onno W. Steenbeek and published by Springer Science & Business Media. This book was released on 2007-10-11 with total page 247 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recommended by Nobel Laureate Robert C. Merton, this book offers the world a first-hand opportunity to learn why the Dutch pension system is so often praised and how it operates. The book also discusses aspects of the system that are less favorable, such as implicit value transfers from younger to older generations that limit mobility of labor. Throughout the discussions, the authors provide quantitative evidence to support their assertions.
Author : Roel M. W. J. Beetsma
Publisher :
ISBN 13 :
Total Pages : 11 pages
Book Rating : 4.:/5 (238 download)
Download or read book Intergenerational Risk Sharing, Pensions and Endogenous Labor Supply in General Equilibrium written by Roel M. W. J. Beetsma and published by . This book was released on 2008 with total page 11 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Roy P. M. M. Hoevenaars
Publisher :
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.:/5 (129 download)
Download or read book Valuation of Intergenerational Transfers in Funded Collective Pension Schemes written by Roy P. M. M. Hoevenaars and published by . This book was released on 2008 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper applies contingent claim analysis to value pension contracts for real-life collective pension plans with intergenerational risk sharing and offering DB-like benefits. We rewrite the balance sheet of such a pension und as an aggregate of embedded generational options. This implies that a pension fund is a zero-sum game in value terms, so any policy change inevitably leads to value transfers between generations. We explore intergenerational value transfers that may arise from a plan redesign or from changes in funding policy and risk sharing rules. We develop a stochastic framework which accounts for time-varying investment opportunities and computes the embedded generational options. Changes in the values of the generational options enable us to evaluate the impact of policy modifications in the pension contract with respect to intergenerational transfers and redistribution. We find that a switch to a less risky asset mix is beneficial to elderly members at the expense of younger members who lose value. A reallocation of risk bearing from a plan with flexible contributions and fixed benefits to a plan with fixed contributions and flexible benefits leads to value redistribution from older plan members to younger ones.
Author : Roel M. W. J. Beetsma
Publisher :
ISBN 13 :
Total Pages : 26 pages
Book Rating : 4.:/5 (69 download)
Download or read book Funded pensions and intergenerational and international risk sharing in general equilibrium written by Roel M. W. J. Beetsma and published by . This book was released on 2008 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Fabio Resegatti
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (812 download)
Download or read book Optimal Investment Strategies for Defined Contribution Pension Plans with Intergenerational Risk Transfer written by Fabio Resegatti and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: A simulation approach is used to analyse optimal portfolio strategies for defined-contribution pension plans under a stochastic overlapping generation model. Under individual pension saving, where the financial risk is fully born by the employees, the Merton solution applies. Introducing intergenerational risk transfer between employees may be suitable to increase the ex ante expected utility of the pension savers. However, the results depend on which phases of the pension plan are considered. To provide a pareto improvement including the employees of all phases of the pension plan's life cycle, further mechansims of solidarity are needed. Finally, two types of dynamic strategies have been examined: for funding ratio dependent and net contribution dependent investment policies, solutions that outperform the static weight strategy were found only when confine the analysis to the accumulation and perennial phase.
Author : Robert J. Shiller
Publisher : Princeton University Press
ISBN 13 : 1400825474
Total Pages : 385 pages
Book Rating : 4.4/5 (8 download)
Download or read book The New Financial Order written by Robert J. Shiller and published by Princeton University Press. This book was released on 2009-02-09 with total page 385 pages. Available in PDF, EPUB and Kindle. Book excerpt: In his best-selling Irrational Exuberance, Robert Shiller cautioned that society's obsession with the stock market was fueling the volatility that has since made a roller coaster of the financial system. Less noted was Shiller's admonition that our infatuation with the stock market distracts us from more durable economic prospects. These lie in the hidden potential of real assets, such as income from our livelihoods and homes. But these ''ordinary riches,'' so fundamental to our well-being, are increasingly exposed to the pervasive risks of a rapidly changing global economy. This compelling and important new book presents a fresh vision for hedging risk and securing our economic future. Shiller describes six fundamental ideas for using modern information technology and advanced financial theory to temper basic risks that have been ignored by risk management institutions--risks to the value of our jobs and our homes, to the vitality of our communities, and to the very stability of national economies. Informed by a comprehensive risk information database, this new financial order would include global markets for trading risks and exploiting myriad new financial opportunities, from inequality insurance to intergenerational social security. Just as developments in insuring risks to life, health, and catastrophe have given us a quality of life unimaginable a century ago, so Shiller's plan for securing crucial assets promises to substantially enrich our condition. Once again providing an enormous service, Shiller gives us a powerful means to convert our ordinary riches into a level of economic security, equity, and growth never before seen. And once again, what Robert Shiller says should be read and heeded by anyone with a stake in the economy.
