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.
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页码：418 / 422
页数：5
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