| Description |
1 online resource (xii, 316 pages) : illustrations |
| Series |
Lecture notes in economics and mathematical systems, 0075-8442 ; 572 |
|
Lecture notes in economics and mathematical systems ; 572. 0075-8442
|
| Contents |
Cover -- Contents -- Part I: The Problem -- 1 Global Aging and Pensionomics -- 1.1 Global Aging -- 1.2 Pension Problem -- 1.3 Objective and Synopsis -- 2 Methodical Foundation -- 2.1 Outline and Requirements -- 2.2 Theoretical Background -- 2.3 Summary and Survey of Approach -- Part II: The Model -- 3 Tradable Human Capital -- 3.1 Population and Overview -- 3.2 Consumption and Capital Technologies -- 3.3 Financial Markets Description -- 3.4 Optimization by Agents -- 3.5 Capital Market Equilibrium -- 3.6 General Equilibrium -- 3.7 Summary for Tradable Human Capital -- 4 Replication with PAYGO -- 4.1 Incomplete Markets and Overview -- 4.2 Mimicking Economy -- 4.3 Solving the Mimicking Economy -- 4.4 Replicating Tradability -- 4.5 Summary of Replication -- Part III: The Implications -- 5 Discussion and Assessment -- 5.1 Overview -- 5.2 Analyzing the Framework -- 5.3 Technological Progress -- 5.4 Design of PAYGO Schemes -- 5.5 Summary of Implications -- 6 Conclusion and Further Research -- 6.1 The Model and its Implications -- 6.2 Outlook on Pensionomics -- Part IV: Appendices -- A: Methodological Foundation -- A.1 Asset Pricing -- A.2 Growth Theory -- B: Tradable Human Capital -- B.1 Optimization by Agents -- B.2 Capital Market Equilibrium -- B.3 General Equilibrium -- C: Replication with PAYGO -- C.1 Replicating Tradability -- C.2 Full Depreciation -- D: Discussion and Assessment -- D.1 Analyzing the Framework -- D.2 Technological Progress -- Part V: Lists and References -- List of Tables -- List of Figures -- Symbols and Abbreviations -- References -- Last Page |
| 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: if risk-averse investors were able to directly invest into the present value of future labour income, they would allocate their pension portfolios in both human and physical 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 allocations as the first-best solution. This replication works regardless of the demographic development. Therefore, PAYGO should play a key role in optimising the risk-return combinations for old-age savings |
| Analysis |
economie |
|
economics |
|
bedrijfswetenschap |
|
management science |
|
verouderen |
|
aging |
|
demografie |
|
demography |
|
finance |
|
populaties |
|
populations |
|
public finance |
|
sociaal beleid |
|
social policy |
|
Management studies, Business Administration, Organizational Science (General) |
|
Economics (General) |
|
Management, bedrijfskunde, organisatiekunde (algemeen) |
|
Economie (algemeen) |
| Bibliography |
Includes bibliographical references (pages 295-316) |
| Notes |
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 MiAaHDL |
|
English |
|
Print version record |
|
digitized 2010 HathiTrust Digital Library committed to preserve pda MiAaHDL |
| In |
Springer e-books |
| Subject |
Old age pensions -- Finance
|
|
Human capital.
|
|
BUSINESS & ECONOMICS -- Personal Finance -- Retirement Planning.
|
|
Human capital.
|
|
Pensioen.
|
|
Portfolio-analyse.
|
|
Pensioenfondsen.
|
|
Old age pensions -- Finance.
|
|
Affaires.
|
|
Science économique.
|
|
Economie de l'entreprise.
|
|
Human capital
|
|
Old age pensions -- Finance
|
|
Pensioen.
|
|
Portfolio-analyse.
|
|
Pensioenfondsen.
|
| Genre/Form |
dissertations.
|
|
Academic theses
|
|
Academic theses.
|
|
Thèses et écrits académiques.
|
| Form |
Electronic book
|
| ISBN |
9783540346692 |
|
3540346694 |
|
9783540325970 |
|
3540325972 |
|
6610635102 |
|
9786610635108 |
|
128063510X |
|
9781280635106 |
|
