| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w0956
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| 来源ID | Working Paper 0956
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| Valuing Pensions (Annuities) with Different Types of Inflation Protection in Total Compensation Comparisons |
| James E. Pesando
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| 发表日期 | 1982-08-01
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| 出版年 | 1982
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| 语种 | 英语
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| 摘要 | Pensions provided in the public sector are often indexed, while pensions in the private sector typically are not. To conduct the total compensation comparisons that ostensibly guide government pay policy, one must value annuities which differ in their degree of inflation protection. This paper conducts this exercise from the viewpoint of modem finance theory, and contrasts the results with those of a representative government, the Government of Canada. The results suggest that governments may typically understate the value of indexed pensions and overstate the value of pensions which receive incomplete inflation protection. A contributing factor is the apparent belief that standardizing actuarial assumptions is sufficient to ensure comparability, in spite of the fact that risk is ignored and that interest rate and inflation assumptions are typically not those of the market. |
| URL | https://www.nber.org/papers/w0956
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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/558174
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推荐引用方式
GB/T 7714 |
James E. Pesando. Valuing Pensions (Annuities) with Different Types of Inflation Protection in Total Compensation Comparisons. 1982.
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文件名：
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w0956.pdf
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格式：
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Adobe PDF
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