{"product_id":"pension-economics-hardback-9780470058442","title":"Pension Economics (Hardback) 9780470058442","description":"\u003cfont face=\"Georgia\"\u003e\r\n\u003cp\u003e\u003cfont size=\"6\"\u003ePension Economics\u003c\/font\u003e\u003cbr\u003e\r\n\r\n\r\n\r\n\r\n\r\n\u003c\/p\u003e\n\u003cp\u003e\u003cfont size=\"4\"\u003eDavid Blake (Author)\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e9780470058442, Wiley\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003eHardback, published 20 October 2006\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e272 pages\u003cbr\u003e23.4 x 16.3 x 2.1 cm, 0.595 kg\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\r\n\u003cp align=\"justify\"\u003e\u003cem\u003e\u003cfont size=\"3\"\u003e\"I have never seen such a concise description of pension institutions that was so crystal clear.\" (\u003ci\u003eInvestments \u0026amp; Pensions Europe\u003c\/i\u003e, February 2007)  \u003cp\u003e\"Informative without being patronizing and set out in a logical sequence with each chapter containing questions to help the reader consolidate what they have just learnt.\" (\u003ci\u003ePensions Age\u003c\/i\u003e, December 2006)\u003c\/p\u003e \u003cp\u003e\"If you are looking for a solid grounding in the theory and practice of economics in relation to pensions this is a vital addition to your bookshelf.\" (\u003ci\u003e.net,\u003c\/i\u003e August 2007)\u003c\/p\u003e\u003c\/font\u003e\u003c\/em\u003e\u003c\/p\u003e\r\n\r\n\u003cp align=\"justify\"\u003e\u003cstrong\u003e\u003cfont size=\"3\"\u003eWhile not attempting to train readers as professional economists, this book aims to provide a secure grounding in the theory and practice of economics insofar as it deals with pension matters. From reading this book, the user will understand:\u003cbr\u003e * The key types of pension scheme\u003cbr\u003e * The role of pensions in maximizing individual lifetime welfare\u003cbr\u003e * The role of pensions in individual savings and retirement decisions\u003cbr\u003e * The role and consequences of the pension plan from the company's viewpoint\u003cbr\u003e * The role of pensions in promoting aggregate savings\u003cbr\u003e * The role of pensions and retirement in overlapping generations models\u003cbr\u003e * The economics of ageing and intergenerational accounting\u003cbr\u003e * The social welfare implications of pensions\u003cbr\u003e * The lessons of behavioural economics for pensions\u003c\/font\u003e\u003c\/strong\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e\u003cp\u003ePreface xi\u003c\/p\u003e \u003cp\u003e1 Introduction\u003c\/p\u003e \u003cp\u003e1.1 What is pension economics? 1\u003c\/p\u003e \u003cp\u003e1.2 Types of pension scheme 3\u003c\/p\u003e \u003cp\u003e1.3 Conclusions 10\u003c\/p\u003e \u003cp\u003eQuestions 10\u003c\/p\u003e \u003cp\u003eReferences 11\u003c\/p\u003e \u003cp\u003e\u003cb\u003e2 Individual Pension Decision Making 13\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e2.1 The lifecycle model 13\u003c\/p\u003e \u003cp\u003e2.2 Pensions and savings 19\u003c\/p\u003e \u003cp\u003e2.2.1 Unfunded state pension 19\u003c\/p\u003e \u003cp\u003e2.2.2 Private funded pension 20\u003c\/p\u003e \u003cp\u003e2.3 Pensions and retirement decisions 23\u003c\/p\u003e \u003cp\u003e2.3.1 No pension 23\u003c\/p\u003e \u003cp\u003e2.3.2 Private funded pension 24\u003c\/p\u003e \u003cp\u003e2.3.3 Unfunded state pension 25\u003c\/p\u003e \u003cp\u003e2.3.4 Unfunded state pension with private funded pension 26\u003c\/p\u003e \u003cp\u003e2.4 Empirical studies testing the validity of the lifecycle model 28\u003c\/p\u003e \u003cp\u003e2.5 The Feldstein lifecycle model with induced retirement 30\u003c\/p\u003e \u003cp\u003e2.5.1 The consumption decision 32\u003c\/p\u003e \u003cp\u003e2.5.2 Retirement behaviour 37\u003c\/p\u003e \u003cp\u003e2.5.3 Discussion 38\u003c\/p\u003e \u003cp\u003e2.6 Conclusions 39\u003c\/p\u003e \u003cp\u003eQuestions 40\u003c\/p\u003e \u003cp\u003eReferences 41\u003c\/p\u003e \u003cp\u003e\u003cb\u003e3 Corporate Pension Decision Making 47\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e3.1 The provision of pensions by corporations 47\u003c\/p\u003e \u003cp\u003e3.2 The role of pensions in employment contracts 48\u003c\/p\u003e \u003cp\u003e3.2.1 Pensions as altruism 48\u003c\/p\u003e \u003cp\u003e3.2.2 Pensions as deferred pay 49\u003c\/p\u003e \u003cp\u003e3.2.3 Pensions as contingent claims 60\u003c\/p\u003e \u003cp\u003e3.3 The nature of corporate pension liabilities 61\u003c\/p\u003e \u003cp\u003e3.4 Quitting and mandatory retirement 64\u003c\/p\u003e \u003cp\u003e3.4.1 Quitting 64\u003c\/p\u003e \u003cp\u003e3.4.2 Mandatory retirement 66\u003c\/p\u003e \u003cp\u003e3.5 Tax and pension fund policy 68\u003c\/p\u003e \u003cp\u003e3.6 Agency costs in pension schemes and pension funds 71\u003c\/p\u003e \u003cp\u003e3.6.1 Insider-trustees 72\u003c\/p\u003e \u003cp\u003e3.6.2 Underfunding the pension scheme 75\u003c\/p\u003e \u003cp\u003e3.6.3 Performance-related fund management fees 80\u003c\/p\u003e \u003cp\u003e3.6.4 Shareholder activism and corporate governance 81\u003c\/p\u003e \u003cp\u003e3.6.5 Moral hazard, adverse selection and disability pensions 82\u003c\/p\u003e \u003cp\u003e3.7 Conclusions 83\u003c\/p\u003e \u003cp\u003eQuestions 84\u003c\/p\u003e \u003cp\u003eReferences 85\u003c\/p\u003e \u003cp\u003e\u003cb\u003e4 Pensions in the Diamond–Samuelson Overlapping Generations Model with Certain Lifetimes 89\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e4.1 The two-period Diamond–Samuelson OLG model 90\u003c\/p\u003e \u003cp\u003e4.1.1 Individuals 91\u003c\/p\u003e \u003cp\u003e4.1.2 Firms 98\u003c\/p\u003e \u003cp\u003e4.1.3 Market equilibrium 100\u003c\/p\u003e \u003cp\u003e4.1.4 Dynamics, stability and the steady state 101\u003c\/p\u003e \u003cp\u003e4.1.5 Optimality and efficiency 103\u003c\/p\u003e \u003cp\u003e4.2 Pensions in the Diamond–Samuelson OLG model with exogenous labour supply and retirement 105\u003c\/p\u003e \u003cp\u003e4.2.1 State pension scheme 106\u003c\/p\u003e \u003cp\u003e4.2.2 The equivalence of PAYG and government debt 117\u003c\/p\u003e \u003cp\u003e4.2.3 Transitional and welfare effects 120\u003c\/p\u003e \u003cp\u003e4.2.4 From PAYG to a funded pension scheme 121\u003c\/p\u003e \u003cp\u003e4.3 PAYG pensions in the Diamond–Samuelson OLG model with endogenous labour supply and retirement 122\u003c\/p\u003e \u003cp\u003e4.3.1 Individuals 122\u003c\/p\u003e \u003cp\u003e4.3.2 Market equilibrium 125\u003c\/p\u003e \u003cp\u003e4.3.3 The steady state 126\u003c\/p\u003e \u003cp\u003e4.3.4 Welfare effects 129\u003c\/p\u003e \u003cp\u003e4.3.5 From PAYG to a funded pension scheme 132\u003c\/p\u003e \u003cp\u003e4.4 Conclusions 132\u003c\/p\u003e \u003cp\u003eQuestions 133\u003c\/p\u003e \u003cp\u003eReferences 135\u003c\/p\u003e \u003cp\u003e\u003cb\u003e5 Pensions in the Blanchard–Yaari Overlapping Generations Model with Uncertain Lifetimes 137\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e5.1 The Blanchard–Yaari OLG model with uncertain lifetimes 137\u003c\/p\u003e \u003cp\u003e5.1.1 Yaari’s contribution 137\u003c\/p\u003e \u003cp\u003e5.1.2 Blanchard’s contribution 142\u003c\/p\u003e \u003cp\u003e5.1.3 Individuals 142\u003c\/p\u003e \u003cp\u003e5.1.4 Aggregate consumption 144\u003c\/p\u003e \u003cp\u003e5.1.5 Firms 147\u003c\/p\u003e \u003cp\u003e5.1.6 Government and market equilibrium 148\u003c\/p\u003e \u003cp\u003e5.1.7 The phase diagram 149\u003c\/p\u003e \u003cp\u003e5.2 PAYG pensions in the Blanchard–Yaari OLG model with endogenous labour supply and mandatory retirement 152\u003c\/p\u003e \u003cp\u003e5.3 Conclusions 154\u003c\/p\u003e \u003cp\u003eQuestions 155\u003c\/p\u003e \u003cp\u003eReferences 156\u003c\/p\u003e \u003cp\u003e\u003cb\u003e6 The Economics of Ageing and Generational Accounting 157\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e6.1 The macroeconomic effects of ageing: Declining population growth and the increasing dependency ratio 157\u003c\/p\u003e \u003cp\u003e6.2 Pensions in the Diamond–Samuelson OLG model with a variable population growth rate 161\u003c\/p\u003e \u003cp\u003e6.3 Generational accounting 164\u003c\/p\u003e \u003cp\u003e6.4 Conclusions 167\u003c\/p\u003e \u003cp\u003eQuestions 168\u003c\/p\u003e \u003cp\u003eReferences 168\u003c\/p\u003e \u003cp\u003e\u003cb\u003e7 Risk Sharing and Redistribution in Pension Schemes 171\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e7.1 Risks in private pension schemes 174\u003c\/p\u003e \u003cp\u003e7.2 Risk sharing in personal pension schemes 175\u003c\/p\u003e \u003cp\u003e7.3 Risk sharing in occupational pension schemes 177\u003c\/p\u003e \u003cp\u003e7.3.1 Complete markets 178\u003c\/p\u003e \u003cp\u003e7.3.2 Incomplete markets 180\u003c\/p\u003e \u003cp\u003e7.4 Redistribution in private pension schemes 188\u003c\/p\u003e \u003cp\u003e7.5 Private sector market failure and the compensating role of state pension schemes 191\u003c\/p\u003e \u003cp\u003e7.6 Risks in state pension schemes 192\u003c\/p\u003e \u003cp\u003e7.7 Risk sharing in state pension schemes 196\u003c\/p\u003e \u003cp\u003e7.7.1 The family 197\u003c\/p\u003e \u003cp\u003e7.7.2 Social security pension system 198\u003c\/p\u003e \u003cp\u003e7.8 Redistribution in state pension schemes 206\u003c\/p\u003e \u003cp\u003e7.9 The viability of PAYG state pension systems and the transition costs to funding 206\u003c\/p\u003e \u003cp\u003e7.9.1 Viability 206\u003c\/p\u003e \u003cp\u003e7.9.2 The transition deficit 210\u003c\/p\u003e \u003cp\u003e7.10 Conclusions 213\u003c\/p\u003e \u003cp\u003eQuestions 215\u003c\/p\u003e \u003cp\u003eReferences 217\u003c\/p\u003e \u003cp\u003e\u003cb\u003e8 Behavioural Pension Economics 221\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e8.1 The accumulation phase 222\u003c\/p\u003e \u003cp\u003e8.1.1 The savings decision 222\u003c\/p\u003e \u003cp\u003e8.1.2 The investment decision 227\u003c\/p\u003e \u003cp\u003e8.2 The decumulation phase 238\u003c\/p\u003e \u003cp\u003e8.2.1 Longevity risk 238\u003c\/p\u003e \u003cp\u003e8.2.2 Inflation and capital market risk 239\u003c\/p\u003e \u003cp\u003e8.3 Conclusions 240\u003c\/p\u003e \u003cp\u003eQuestions 242\u003c\/p\u003e \u003cp\u003eReferences 243\u003c\/p\u003e \u003cp\u003eIndex 249\u003c\/p\u003e\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003eSubject Areas: Finance \u0026amp; accounting [\u003ca title=\"See our other books on Finance \u0026amp; accounting\" href=\"https:\/\/freshlyprintedbooks.co.uk\/search?q=%22Finance%20\u0026amp;%20accounting%20%5BKF%5D%22\"\u003eKF\u003c\/a\u003e]\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\u003c\/font\u003e","brand":"Wiley","offers":[{"title":"Brand New","offer_id":52173727007000,"sku":"9780470058442","price":43.77,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0730\/2037\/5320\/files\/9780470058442.jpg?v=1781168487","url":"https:\/\/freshlyprintedbooks.co.uk\/products\/pension-economics-hardback-9780470058442","provider":"Freshly Printed Books","version":"1.0","type":"link"}