English, Article, Journal or magazine article edition: (UBS Pensions Series 043) The Optimal Design of Funded Pensions Luciano Greco

User activity

Share to:
 
Bookmark: http://trove.nla.gov.au/version/45366
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • (UBS Pensions Series 043) The Optimal Design of Funded Pensions
Author
  • Luciano Greco
Physical Description
  • preprint
Notes
  • In many countries, pension funds based on individual accounts have been affected by high operating costs. Contract theory helps to unravel the nature of such problems: managers of pension funds have strong incentives to manipulate market expectations about their capacity through wasteful activities (e.g. promotion). Thus, competition among pension funds entails efficiency loses, due to pension savings attraction efforts, as well as gains, related to investments in asset management skills. Regulations capping fees or costs of pension funds worsen market inefficiency, while a public pension fund competing with private ones improves (at least weekly) it. Taking into account political and commitment constraints affecting public institutions, a quasi-competitive pension scheme - centralizing contribution collection, auctioning the right to manage raised money to competitive fund managers, and affording an opting out choice to households -Pareto-dominates (at least weekly) the market of pension funds.Keywords: Pension funds, signaling, Public-private provision mechanismJEL classification: D02, H11, H55
  • RePEc:fmg:fmgdps:dp567
Language
  • English
Contributed by
OAIster

Get this edition

Other links

  • Set up My libraries

    How do I set up "My libraries"?

    In order to set up a list of libraries that you have access to, you must first login or sign up. Then set up a personal list of libraries from your profile page by clicking on your user name at the top right of any screen.

  • All (1)
  • Unknown (1)
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.

User activity


e.g. test cricket, Perth (WA), "Parkes, Henry"

Separate different tags with a comma. To include a comma in your tag, surround the tag with double quotes.

Be the first to add a tag for this edition

Be the first to add this to a list

Comments and reviews

What are comments? Add a comment

No user comments or reviews for this version

Add a comment