Arbeitspapier
Funded and Unfunded Pension Schemes: Risk, Return and Welfare
This paper uses stochastic simulations on calibrated models to assess the optimal degree of reliance on fun ded pensions and on a particular type of unfunded (PAYG) pension. Surprisingly little is known about the optimal split between funded and unfunded systems when there are sources of uninsurable risk that are allocated in different ways by different types of pension system. This paper calculates the expected welfare of agents in differenteconomies where in the steady state the importance of PAYG pensions differs. We estimate how the optimal level of unfunded, state pensions depends on rate of return and income risks and also upon the actuarial fairness of annuity contracts.
- Language
-
Englisch
- Bibliographic citation
-
Series: CESifo Working Paper ; No. 239
- Classification
-
Wirtschaft
Micro-Based Behavioral Economics: Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making‡
Insurance; Insurance Companies; Actuarial Studies
Social Security and Public Pensions
Economics of the Elderly; Economics of the Handicapped; Non-labor Market Discrimination
- Subject
-
Pensions
annuities
risk-sharing
- Event
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Geistige Schöpfung
- (who)
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Miles, David K.
- Event
-
Veröffentlichung
- (who)
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Center for Economic Studies and ifo Institute (CESifo)
- (where)
-
Munich
- (when)
-
2000
- Handle
- Last update
-
10.03.2025, 11:44 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Miles, David K.
- Center for Economic Studies and ifo Institute (CESifo)
Time of origin
- 2000
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