Essays in pension economics and intergenerational risk sharing

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Vos, S.J.

Publication date 2012

Link to publication

Citation for published version (APA):

Vos, S. J. (2012). Essays in pension economics and intergenerational risk sharing. Universiteit van Amsterdam.

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List of Tables

3.1 Parameters . . . 48

3.2 Different pension systems, no demographic uncertainty . . . 50

3.3 Varying values for demographic shocks . . . 51

3.4 Varying fertility risk, no mortality risk . . . 56

3.5 Decomposed solutions, fertility risk, no mortality risk . . . 59

3.6 Varying mortality risk, no fertility risk . . . 60

3.7 Decomposed solutions, mortality risk, no fertility risk . . . 62

3.8 Varying fertility risk, mortality risk constant at ∆N₁o = 0.1 . . . 63

3.9 Decomposed solutions, varying fertility risk, constant mortality risk at ∆N₁o = 0.1 . . . 65

3.10 Varying mortality risk, fertility risk constant at ∆N₁y = 0.2 . . . 66

3.11 Decomposed solutions, varying mortality risk, constant fertility risk at ∆N₁y = 0.2 . . . 68

3.12 Varying risk aversion . . . 71

4.1 Results for 100% equity . . . 103

4.2 Results for 100% equity, θ = 10 and varying β . . . 105

4.3 Results for 50% invested in risk free and 50% in equity . . . 106

5.1 Base case parameter values . . . 133

5.2 Outcomes under wage indexation . . . 134

5.3 Outcomes under price indexation . . . 138

5.4 Varying the volatility of the asset returns . . . 139

5.5 Varying the equity share in the fund’s poprtfolio . . . 140

5.6 Wage indexation, different retirement ages . . . 141

5.7 Varying the policy parameters . . . 142