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1 - 10 van 13 voor longevity risk
Dia 1
... -cycle financial planning 2. insuring idiosyncratic risks - pooling of intragenerational risks, in particular longevity risk - insuring bad luck (at old age) intragenerational distribution why? imperfect insurance markets (adverse ... fund fund may create new assets and thus contribute to risk sharing, in particular trading wage risks and longevity risks challenges to the dutch system coming from ...
cpb.nl
00/research memorandum Can we a [PFP#1092373775]
... are thus actuarially fair. however, if these plans provide annuities, they insure against longevity risk. hence, they redistribute incomes ex post away from short-lived individuals to ... provided by the state. adverse selection may prevent individuals withhighmortality risk from obtaining actuarially fair insurance against longevity risk. regulations requiring workers to take out pension schemes are ...
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fiscal prefunding response demographic uncertainty pdf
... literature and partly calibrated on data for the dutch economy. table 2.1 summarizes. 4 longevity risk is assumed to be diversified; each household receives an annuity from a life insurance company ... . 5 the two population forecasts deviate mainly due to differences in the assumptions made about longevity. the projection used in this discussion paper was produced by the eu commission-funded upe ...
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gamma simulation model ageing pensions and public finances pdf
... deterministic. lifetime uncertainty is recognised, but perfect capital markets enable households to insure against longevity risk. the population model in section 2.1 outlines the development of the demographic ... take into account the disutility of risk. so the model can not explain the risk premium which is a compensation for the disutility of risk. to prevent erroneous interpretations, the ...
cpb.nl
indexlinkedbonds902.pdf
... for risk sharing scope for risk intergenerational sharing pensioners tend to bear too much (financial) valuation risk (r) and workers too much productivity risk (w) all bear longevity risk (n), ... growing costs of mismatch risk in pension funds pension recession 2002 + longevity risk rethink risk sharing institutions !! rethink pension institutions less scope for mismatch risk in pension funds company ...
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impact demographic uncertainty public finances netherlands pdf
... income is defined as income with labour time equal to the total available time. 6 longevity risk is assumed to be diversified; each household receives an annuity from a life insurance company ... of past changes in fertility either the baby boom or the subsequent bust. however, the longevity of the baby-boomers is an essential ingredient in the approaching demographic imbalance. the interdependence ...
cpb.nl
memo168.pdf
... period. an increase in longevity lowers the effective interest rate on their debt and, hence boosts welfare. the welfare effects suggest that working consumers only face longevity risk in the two db schemes. while in all pension schemes retired consumers are subject to longeviy risk, the extent of the risk exposure is most pronounced in ...
cpb.nl
Microsoft Word - ageing_.doc
... done. future uncertainties are large, there are as many interest rates as financial assets, and risk characteristics differ between assets and time periods. this study chooses one uniform time-invariant ... that may develop only gradually in the future, as for example the expected increase of longevity. the gamma approach brings the sustainability calculations more in line with other (cpb and non ...
cpb.nl
Microsoft Word - cpbdoc_westerhout.doc
... well. sustainability gaps would then be much higher than follows from our calculations. assuming some risk aversion on part of policymakers, i.e. assuming they are more concerned with these ... costs. indeed, this holds if the rise in longevity is produced by new costly medical technologies. jones (2002) describes a model in which longevity-increasing technological progress accounts for a large part ...
cpb.nl
Microsoft Word - cpbdoc_tang.doc
... against longevity. in particular, the period during which elderly people are retired (and are presumably unable to work) is uncertain. pensions ensure the income stream of people who run the risk ... financial burden of longevity is shared between younger and older generations. since the number of healthy years has increased and is usually expected to increase further, sharing the risk is not ...
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