| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w0767
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| 来源ID | Working Paper 0767
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| Employee Valuation of Pension Claims and the Impact of Indexing Initiatives |
| James E. Pesando
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| 发表日期 | 1981-09-01
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| 出版年 | 1981
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| 语种 | 英语
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| 摘要 | There is discussion in both Canada and the United States of the government's requiring private pension plans to provide contractual cost-of-living protection. This paper employs both an auction and an implicit contract model to identify the compensating wage differentials required of possible indexing initiatives. The contract model, motivated by the prevalence (especially in Canada) of ad hoc cost-of-living adjustments to pensions in pay, presumes that workers have a call option on the investment earnings in excess of the interest rate assumption used to value the plan. The case for policy action would appear to rest on either (1) the assumption that workers misperceive the value (and, possibly, the security) of pension benefits or (2) the presumption that society should subsidize pension income by providing to pension plans an investment vehicle (such as an index bond) whose risk-return characteristics cannot be duplicated by portfolios of existing assets. |
| 主题 | Labor Economics
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| URL | https://www.nber.org/papers/w0767
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/557975
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推荐引用方式
GB/T 7714 |
James E. Pesando. Employee Valuation of Pension Claims and the Impact of Indexing Initiatives. 1981.
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文件名：
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w0767.pdf
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格式：
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Adobe PDF
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