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  • pay-as-you-go system  (1)
  • von Neumann-Morgenstern utility  (1)
  • μ-σ criterion  (1)
  • 1
    Electronic Resource
    Electronic Resource
    Expected utility, μ-σ preferences, and linear distribution classes: A further result (1990)
    Springer
    Journal of risk and uncertainty 3 (1990), S. 277-281 
    Details
    ISSN: 1573-0476
    Keywords: μ-σ criterion ; von Neumann-Morgenstern utility ; linear distribution class ; location and scale parameter family
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This article is an extension of Meyer and Sinn's results on the representation of arbitrary von Neumann-Morgenstern functions in μ-σ space when the probability distributions to be compared belong to a linear distribution class. It shows that, when absolute risk aversion decreases, stays constant, or increases not too fast, an increase in σ, given μ, increases the indifference curve slope: increased riskiness increases the required marginal compensation for risk when risk is measured by the standard deviation of wealth or income.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF00116785
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    Paper (German National Licenses)
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  • 2
    Electronic Resource
    Electronic Resource
    Why a Funded Pension System is Needed and Why It is Not Needed (2000)
    Springer
    International tax and public finance 7 (2000), S. 389-410 
    Details
    ISSN: 1573-6970
    Keywords: public pension ; pay-as-you-go system ; fully funded system
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract Based on explicit presentvalue calculations, the paper criticizes the view that the PAYGOsystem wastes economic resources. In present value terms, thereis nothing to be gained from a transition to a funded systemeven though the latter offers a permanently higher rate of return.The sum of the implicit and explicit tax burdens that resultfrom the need to respect the existing pension claims is the sameunder all systems and transition strategies. Nevertheless a partialtransition to a funded system may be a way to overcome the currentdemographic crisis because it replaces missing human capitalwith real capital and helps smooth tax and child rearing costsacross the generations.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1023/A:1008760717038
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    Paper (German National Licenses)
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