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Generational Accounting, Solidarity and Pension Losses

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  • Coen N. Teulings

    ()
    (SEO, University of Amsterdam)

  • Casper G. de Vries

    ()
    (Erasmus University Rotterdam)

Abstract

The stock market collapse led to political tensions between generations due to the fuzzy definition of the property rights over the pension funds’ wealth. The problem is best resolved by the introduction of generational accounts. Modern consumption and portfolio theory shows that the younger generations should have the higher equity exposure due to their human capital. Stock market losses should be distributed smoothly over lifetime consumption by adjusting both current contributions and future entitlements. We present expressions for the substantial welfare losses involved in various practically relevant deviations from the optimal system. This discussion paper resulted in a publication in , 2006. (154(1), 63-83.

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Bibliographic Info

Paper provided by Tinbergen Institute in its series Tinbergen Institute Discussion Papers with number 03-094/3.

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Date of creation: 17 Nov 2003
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Handle: RePEc:dgr:uvatin:20030094

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Keywords: Saving & investment; Financial institutions; Pension funds; Private pensions; Social security and public pensions;

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  1. Caballero, Ricardo J., 1990. "Consumption puzzles and precautionary savings," Journal of Monetary Economics, Elsevier, vol. 25(1), pages 113-136, January.
  2. Zvi Bodie & Robert C. Merton & William F. Samuelson, 1992. "Labor Supply Flexibility and Portfolio Choice in a Life-Cycle Model," NBER Working Papers 3954, National Bureau of Economic Research, Inc.
  3. Hendricks, Ken & Judd, Ken & Kovenock, Dan, 1980. "A note on the core of the overlapping generations model," Economics Letters, Elsevier, vol. 6(2), pages 95-97.
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