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pro vyhledávání: '"J. M. Orszag"'
Publikováno v:
British Actuarial Journal. 12:79-134
This paper explores the effect of unhedgeable background risks such as mortality and labour risks (such as wages and turnover) on pension funding and finance. We explore the literature on the economics and finance of background risk, and discuss its
Autor:
J. M. Orszag, David Blake
Publikováno v:
SSRN Electronic Journal.
Most state pension schemes are financed on a pay-as-you-go (PAYG) basis, which means that taxes on the young are used to pay for the pensions of the retired generation. With private pensions, however, a fund of assets is built up and invested. Some c