By Matthias F. Jäkel
Pensionomics places ahead a portfolio point of view at the mixture of funded and unfunded pension preparations. In a second-best variety argument it's officially proven Pay-As-You-Go pension process can replacement the tradability of human capital. whereas this excellent kind of diversification can't be applied as a result imperfection of capital markets, you can actually layout a customary Pay-As-You-Go procedure in any such manner that it allows an identical intertemporal intake allocations because the first-best resolution.
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Extra resources for Pensionomics: On the Role of PAYGO in Pension Portfolios: 572 (Lecture Notes in Economics and Mathematical Systems)
Pensionomics: On the Role of PAYGO in Pension Portfolios: 572 (Lecture Notes in Economics and Mathematical Systems) by Matthias F. Jäkel