Pension prefunding can be used to smooth contribution rates in economies where ageing will increase pension expenditure. But how extensive should prefunding be in a defined benefit pension system when there is considerable uncertainty concerning future mortality, fertility, and migration? We...

All quantitative evaluations of fiscal sustainability that include the effects of population ageing must utilize demographic forecasts. It is well known that such forecasts are uncertain, and some studies have taken that into account by using stochastic population projections jointly with...

A major reform in the Finnish private-sector earnings-related pension system came into effect on 1st January, 2005. It was negotiated in 2001–2002 between the central organisations of employers and trade unions and representatives of the central government. This paper describes the reform and...

Purpose – Based on literature and an empirical case, the purpose of this paper is to present a framework for decision‐making in utilities where unbundling considerations are taking place. The paper analyses the implications of splitting long‐term network planning activity from the...

Purpose – The purpose of this paper is to establish a methodological framework to address key issues in electricity distribution network development. The paper defines subtasks in the strategy process and presents key elements in the strategy work and long‐term network planning. The results...

Purpose – Underground cabling has become a true alternative in construction of electricity distribution networks, even in rural areas. The increasing amount of underground installations requires strategic work that helps to define the most profitable cabling targets. The purpose of this paper...

Indexation of progressive income taxes provides a way of cushioning against various shocks. It is both an alternative and a complement to wage indexation, but as a policy instrument it is much more ambiguous. James M. Holmes and David J. Smyth (1972) have shown that if money demand depends on...