所属 広島修道大学 経済科学部 職種 教授
|Pay-as-you-go Public Pensions and Intergenerational Risk Sharing
|New Approaches for Operations Research and Applied Economics
|Kyushu University Press
|We will examine the intergenerational risk sharing effets of Pay-as-you-go public pensions system following Th$\o$gersen(1998) and Borgmann(2002,2005). We will introduce the setting of Th$\o$gersen(2003) that the past uncertainty effects the current income to the analysis of Th$\o$gersen(1998) and Borgmann(2002, 2005), and examine the variance and expectation of life-cycle income. Two systems(defined contribution and defined benefit) are considered. We will confirm that the expectation of life-cycle income in these two systems would be larger than the case of fully funded. In addition, we will confirm that the variance of life-cycle income would be smaller and there is a tax rate which minimize the variance of life-cycle income. Further, we will confirm that the expectation of defined contribution is larger than the case of defined benefit by comparing two systems.