Optimal mix among PAYGO, EET and individual savings

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2023-10-31 DOI:10.1080/03461238.2023.2274096

Lin He, Zongxia Liang, Zhaojie Ren, Yilun Song

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引用次数: 0

Abstract

AbstractIn order to deal with the aging problem, the pension system is actively transformed into the funded scheme. However, the funded scheme does not completely replace PAYGO (Pay as You Go) scheme and there exist heterogeneous mixes among PAYGO, EET (Exempt, Exempt, Taxed) and individual savings in different countries. In this paper, we establish the optimal mix by solving a Nash equilibrium between the pension participants and the government. Given the obligatory PAYGO and EET contribution rates, the participants choose the optimal asset allocation of the individual savings and the consumption policies to achieve the objective. The results extend the ‘Samuelson-Aaron’ criterion to age-dependent preference orderings. Under the baseline model, we identify three critical ages to distinguish the multiple outcomes of preference orderings based on heterogeneous characteristic parameters. The government is fully aware of the optimal feedback of the participants. It chooses the optimal PAYGO and EET contribution rates to maximize the overall utility of the participants weighted by each cohort's population. As such, the negative population growth rate leads to the decline of the PAYGO attractiveness as well as the increase of the older cohorts' weight in the government's decision-making. The optimal mix is the comprehensive result of the two effects.Keywords: Optimal mixPAYGO pensionEET pensionNash equilibriumshrinking population2010 Mathematics Subject Classifications: 91G0591B05JEL CLASSIFICATIONS: G22C61D81 AcknowledgmentsThe authors are particularly grateful to the two anonymous referees and the editor whose suggestions greatly improve the manuscript's quality. The authors also thank the members of the group of Actuarial Sciences and Mathematical Finance at the Department of Mathematical Sciences, Tsinghua University for their feedbacks and useful conversations.Disclosure statementNo potential conflict of interest was reported by the author(s).Additional informationFundingThe authors acknowledge the support from the National Natural Science Foundation of China [grant numbers 12271290, 11871036].

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现收现付，EET和个人储蓄的最佳组合

摘要为了应对老龄化问题，我国正在积极向基金型养老保险制度转型。然而，基金计划并不能完全取代PAYGO(即收即付)计划，不同国家的PAYGO、EET(免税、免税、纳税)和个人储蓄之间存在异质混合。本文通过求解养老金参与人与政府之间的纳什均衡，建立了最优组合。在现收现付和现收现付的强制性缴费率下，参与者选择个人储蓄的最优资产配置和消费政策来实现目标。结果将“萨缪尔森-亚伦”标准扩展到年龄依赖的偏好排序。在基线模型下，我们确定了三个关键年龄，以区分基于异构特征参数的偏好排序的多重结果。政府充分意识到参与者的最佳反馈。它选择最优的现收现付率和净收益贡献率，使每个队列的人口加权后的参与者的整体效用最大化。因此，人口负增长导致现收现付吸引力下降，老年人在政府决策中的权重增加。最优组合是两种效果的综合结果。关键词:最优mixPAYGO养老金onet养老金纳什均衡人口缩减2010数学学科分类:91G0591B05JEL分类:G22C61D81致谢作者特别感谢两位匿名审稿人和编辑，他们的建议大大提高了稿件的质量。作者还感谢清华大学数学科学系精算科学与数学金融课题组成员的反馈意见和有益的对话。披露声明作者未报告潜在的利益冲突。作者感谢中国国家自然科学基金的支持[资助号12271290,11871036]。

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来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.