[PDF.48oi] Pensionomics: On the Role of PAYGO in Pension Portfolios: 572 (Lecture Notes in Economics and Mathematical Systems)
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Pensionomics: On the Role of PAYGO in Pension Portfolios: 572 (Lecture Notes in Economics and Mathematical Systems)
Matthias F. Jäkel
[PDF.ml59] Pensionomics: On the Role of PAYGO in Pension Portfolios: 572 (Lecture Notes in Economics and Mathematical Systems)
Pensionomics: On the Role Matthias F. Jäkel epub Pensionomics: On the Role Matthias F. Jäkel pdf download Pensionomics: On the Role Matthias F. Jäkel pdf file Pensionomics: On the Role Matthias F. Jäkel audiobook Pensionomics: On the Role Matthias F. Jäkel book review Pensionomics: On the Role Matthias F. Jäkel summary
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...
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