By Matthias F. Jäkel

Pensionomics places ahead a portfolio viewpoint at the mixture of funded and unfunded pension preparations. In a second-best sort argument it's officially proven Pay-As-You-Go pension method can alternative the tradability of human capital. whereas this perfect type of diversification cannot be applied as a result of imperfection of capital markets, possible layout a customary Pay-As-You-Go approach in the sort of manner that it permits an analogous intertemporal intake allocations because the first-best resolution.

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