Intergenerational risk-sharing and risk-taking of a pension fund

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Main goals 1) Characterize the socially efficient policy rules of a

Main goals

1) Characterize the socially efficient policy rules of a collective

pension plan in terms of portfolio management, capital payments to retirees, and dividend payments to shareholders.
2) measure the social surplus of the system compared to a situation in which each generation would save and invest in isolation for its own retirement
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This article attempts to provide a realistic estimation of the welfare gains of intergenerational risk sharing.

This article attempts to provide a realistic estimation of the welfare

gains of intergenerational risk sharing.