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| Tekijä: | Binswanger, J. |
| Otsikko: | Risk management of pensions from the perspective of loss aversion |
| Lehti: | Journal of Public Economics
2007 : APR, VOL. 91:3-4, p. 641-667 |
| Asiasana: | income distribution pensions risk management |
| Kieli: | eng |
| Tiivistelmä: | The aim of this paper is to investigate two interrelated questions. The questions are: is a pay-as-you-go (PAYG) pension component beneficial from a risk management point of view and does optimal risk management of old-age consumption differ between different income groups. The author's analysis is based on so called lexicographic loss aversion preferences. The results show that all income groups benefit from the presence of s substantial PAYG component. It also showed that only for the two highest income quintiles old-age provision should heavily rely on equity investments. |
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