Godínez-Olivares, H, Boado-Penas, MDC and Haberman, S
(2016)
Optimal strategies for pay-as-you-go pension finance: A sustainability framework.
Insurance: Mathematics and Economics, 69.
pp. 117-126.
Text
Solvency Godinez et al revised 19-03-16.pdf - Author Accepted Manuscript Download (1MB) |
Abstract
The aim of this paper is to design an automatic balancing mechanism to restore the sustainability of a pay-as-you-go (PAYG) pension system based on changes in its main variables, such as the contribution rate, normal retirement age and indexation of pensions. Using nonlinear optimisation, this mechanism, identifies and applies an optimal path of these variables to a PAYG system in the long run and absorbs fluctuations in longevity, fertility rates, salary growth or any other events in a pension system.
Item Type: | Article |
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Uncontrolled Keywords: | Optimisation, Pay-as-you-go, Public pensions, Risk, Sustainability |
Depositing User: | Symplectic Admin |
Date Deposited: | 10 Oct 2016 07:41 |
Last Modified: | 19 Jan 2023 07:33 |
DOI: | 10.1016/j.insmatheco.2016.05.001 |
Related URLs: | |
URI: | https://livrepository.liverpool.ac.uk/id/eprint/3002400 |