In this paper we propose a method for solving in closed form a general class of non-linear modified Hamiltonian dynamic systems (MHDS). This method may be used to analyze some intertemporal optimization problems With a predetermined structure involving unbounded technological constraints. The...

We examine the dimension reduction method and prove that it could be isleading if we try to get some insight tinto the dynamics of the original system from the dynamics of the transformed system alone. The reduced system seemingly may give rise to a continuum multiplicity of steady states when,...

In this paper we propose a method for solving in closed form a general class of nonlinear modified Hamiltonian dynamic systems (MHDS). This method is used to analyze the intertemporal optimization problem from endogenous growth theory, especially the cases with two controls and one state...

This paper provides the first estimate of the actuarial balance of the Spanish contributory pension system for the old age contingency, based on official data. The novel entry in the balance sheet, named “Contribution Asset” or “Hidden Asset”, is at the centre of the theoretical...

The aim of this article is twofold: to establish the connection between the ‘Contribution Asset’ (CA) and the ‘Hidden Asset’ (HA) and to determine whether using either of them to compile the Actuarial Balance (AB) sheet in the Pay-As-You-Go (PAYG) pension system will provide a reliable...

The survivor dividend, at a specific age, is the portion of participants' credited account balances that is distributed on a birth cohort basis from the account balances of participants who do not survive to retirement. This article develops a model to show whether it would be justified to...

The aim of this paper is twofold: to show the usefulness of automatic balance mechanisms (ABMs) and to explore the issue of introducing an ABM into the Spanish state contributory retirement pension system. With this in mind, we define the concept of the ABM and carry out an analysis of that...

This article aims to quantify the "aggregate subjective economic" risk to which beneficiaries would be exposed if a retirement pension system based on notional account philosophy were introduced. We use scenario generation techniques to make projections of the factors that determine the real...

The aim of this work is twofold, on the one hand, to demonstrate the actuarial imbalance of the Spanish pension system in its current configuration, and on the other, to measure the aggregate economic risk to which the pensioner would be exposed if it were decided to apply ten formulas for the...