论文标题
具有最低保证和可持续性约束的时遇到的养老金政策
Time-consistent pension policy with minimum guarantee and sustainability constraint
论文作者
论文摘要
本文提出并调查了一项最佳的对付款方式（PAYG）养老金计划的最佳投资/养老金政策。社会规划师可以投资缓冲基金，以确保最少的养老金金额。该模型旨在考虑复杂的动态现象，例如人口统计风险及其演变，随着时间的流逝，代理人偏好的时间和年龄依赖性以及财务风险。社会规划师的偏好标准是由在随机域上定义的一致动态实用程序建模的，该域结合了重叠世代的异质性及其随着时间的推移的进化。偏好标准和优化问题还包括可持续性，充分性和公平性约束。本文设计和解决社会计划者的动态决策标准，并计算一般框架中的最佳投资/养老金政策。提供了针对动态功率公用事业的情况的详细分析。
This paper proposes and investigates an optimal pair investment/pension policy for a pay-as-you-go (PAYG) pension scheme. The social planner can invest in a buffer fund in order to guarantee a minimal pension amount. The model aims at taking into account complex dynamic phenomena such as the demographic risk and its evolution over time, the time and age dependence of agents preferences, and financial risks. The preference criterion of the social planner is modeled by a consistent dynamic utility defined on a stochastic domain, which incorporates the heterogeneity of overlapping generations and its evolution over time. The preference criterion and the optimization problem also incorporate sustainability, adequacy and fairness constraints. The paper designs and solves the social planner's dynamic decision criterion, and computes the optimal investment/pension policy in a general framework. A detailed analysis for the case of dynamic power utilities is provided.
