Vis enkel innførsel

dc.contributor.authorThøgersen, Øystein
dc.date.accessioned2006-07-11T08:25:48Z
dc.date.available2006-07-11T08:25:48Z
dc.date.issued2006-06
dc.identifier.issn0804-6824
dc.identifier.urihttp://hdl.handle.net/11250/162716
dc.description.abstractA pay-as-you-go (paygo) pension program may provide intergenerational pooling of risks to individuals’ labor and capital income over the life cycle. By means of illuminating closed form solutions we demonstrate that the magnitude of the optimal paygo program and the nature of the underlying risk sharing effects are very sensitive to the chosen combination of risk concepts and stochastic specification of long run aggregate wage income growth. In an additive way we distinguish between the pooling of wage and capital risks within periods and two different intertemporal risk sharing mechanisms. For realistic parameter values, the magnitude of the optimal paygo program is largest when wage shocks are not permanent and individuals in any generation are considered from a pre-birth perspective, i.e. a “rawlsian risk sharing” perspective is adopted.en
dc.format.extent111054 bytes
dc.format.mimetypeapplication/pdf
dc.language.isoengen
dc.publisherNorwegian School of Economics and Business Administration. Department of Economicsen
dc.relation.ispartofseriesDiscussion paperen
dc.relation.ispartofseries2006:22en
dc.subjectsocial securityen
dc.subjectrisk sharingen
dc.subjectportfolio choiceen
dc.subjectpersistence in income shocksen
dc.titleIntergenerational risk sharing by means of pay-as-you-go programs : an investigation of alternative mechanismsen
dc.typeWorking paperen


Tilhørende fil(er)

Thumbnail

Denne innførselen finnes i følgende samling(er)

Vis enkel innførsel