In an analysis of the risk-sharing properties of different types of pension systems, we show that only a fixed-fee pay …-as-you-go (PAYG) pension systems can provide intergenerational risk sharing for living individuals. Under some circumstances, however …, other PAYG pension systems can enhance the expected welfare of all generations by reducing intergenerational income …

across generations. …

)The argument that pension funds should only assume a risk-free rate of return in assessing pension fund adequacy ignores …

political equilibrium structure has the time translational symmetry in treating different generations equally. One result of … generations. In terms of government budget deficits, the fiduciary duty means that the current voting citizens must take the full …

In an analysis of the risk-sharing properties of different types of pension systems, we show that only fixed-fee pay …-as-you-go (PAYG) pension systems can provide risk sharing for living individuals. Under some circumstances, however, other PAYG … pension systems can enhance the expected welfare of all generations by reducing intergenerational income variability. The …

political equilibrium structure has the time translational symmetry in treating different generations equally. One result of … generations. In terms of government budget deficits, the fiduciary duty means that the current voting citizens must take the full … happens because the US Constitution fails to protect interests of the future generations. Through the commonly …