| Popis: |
Pension fund is an issue for social as well as economic measurement, to ensure a replacement income elderly individuals following quite a while of activity. In this paper, we firstly propose a brief review of the literature of classic models of utility in inter-temporal consumption and the leading models of pension fund management. Secondly, we propose a dynamic optimization model to determine the optimal consumption of each fund in each period, we consider the optimal behavior of the funds according to the inter-temporal maximization of the utility in terms of the consumption of the pension fund under its budget constraint. As a result, we note that the operation and financing of the Moroccan pension fund (CMR) is moving over time to a real crisis, it is for these reasons parametric reform is necessary as soon as possible. |
