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Author: Yufang Zhang Publisher: ISBN: Category : Languages : en Pages : 0
Book Description
This paper studies the optimal investment and benefit adjustment problem for a collective DC pension plan under longevity trend. We assume that the mortality hazard rate is a function of age and time, which extends the Makeham's Law and can describe the longevity trend. The contribution rate is a predetermined proportion of average salary while the benefit payment depends on the pension wealth. The pension fund is allowed to invest in a risk-free asset and a risky asset whose price process satisfies the CEV model. The objective is expected utility maximization of terminal wealth and cumulative benefit. By applying dynamic programming approach, we establish the corresponding Hamilton-Jacobi-Bellman equation and obtain the optimal investment-benefit strategy for CARA and CRRA utilities, respectively. Finally, numerical example is provided to analyze the effects of parameters on the optimal strategies. The results show that under the CARA utility function, only the optimal benefit strategy is related to longevity trend, while under the CRRA utility function, longevity trend has effects on both the optimal benefit and investment strategies.
Author: Yufang Zhang Publisher: ISBN: Category : Languages : en Pages : 0
Book Description
This paper studies the optimal investment and benefit adjustment problem for a collective DC pension plan under longevity trend. We assume that the mortality hazard rate is a function of age and time, which extends the Makeham's Law and can describe the longevity trend. The contribution rate is a predetermined proportion of average salary while the benefit payment depends on the pension wealth. The pension fund is allowed to invest in a risk-free asset and a risky asset whose price process satisfies the CEV model. The objective is expected utility maximization of terminal wealth and cumulative benefit. By applying dynamic programming approach, we establish the corresponding Hamilton-Jacobi-Bellman equation and obtain the optimal investment-benefit strategy for CARA and CRRA utilities, respectively. Finally, numerical example is provided to analyze the effects of parameters on the optimal strategies. The results show that under the CARA utility function, only the optimal benefit strategy is related to longevity trend, while under the CRRA utility function, longevity trend has effects on both the optimal benefit and investment strategies.
Author: Estelle James Publisher: World Bank Publications ISBN: Category : Annuities Languages : en Pages : 40
Book Description
The provision of annuities and other benefits during the decumulation phase of defined contribution (DC) pension plans raises major policy issues. Because private markets for annuities and disability benefits are not well developed even in the most advanced OECD countries, the resolution of these issues is likely to be a gradual process, with both countries and markets learning through experience.
Author: Wael Al-Delaimy Publisher: Springer Nature ISBN: 3030311252 Category : Medical Languages : en Pages : 417
Book Description
This open access book not only describes the challenges of climate disruption, but also presents solutions. The challenges described include air pollution, climate change, extreme weather, and related health impacts that range from heat stress, vector-borne diseases, food and water insecurity and chronic diseases to malnutrition and mental well-being. The influence of humans on climate change has been established through extensive published evidence and reports. However, the connections between climate change, the health of the planet and the impact on human health have not received the same level of attention. Therefore, the global focus on the public health impacts of climate change is a relatively recent area of interest. This focus is timely since scientists have concluded that changes in climate have led to new weather extremes such as floods, storms, heat waves, droughts and fires, in turn leading to more than 600,000 deaths and the displacement of nearly 4 billion people in the last 20 years. Previous work on the health impacts of climate change was limited mostly to epidemiologic approaches and outcomes and focused less on multidisciplinary, multi-faceted collaborations between physical scientists, public health researchers and policy makers. Further, there was little attention paid to faith-based and ethical approaches to the problem. The solutions and actions we explore in this book engage diverse sectors of civil society, faith leadership, and political leadership, all oriented by ethics, advocacy, and policy with a special focus on poor and vulnerable populations. The book highlights areas we think will resonate broadly with the public, faith leaders, researchers and students across disciplines including the humanities, and policy makers.
Author: Juan Carlos Navarro Publisher: ISBN: Category : Business & Economics Languages : en Pages : 178
Book Description
By reaching out to isolated groups without access to social services, community organisations have been helping alleviate poverty throughout Latin America. Adapting to the needs of communities, these organisations' have succeeded in mobilising the poor to find solutions to their own problems. Despite being smaller than corresponding state agencies, community organisations are generally more cost effective and efficient.
Author: W. Stahel Publisher: Springer ISBN: 0230274900 Category : Business & Economics Languages : en Pages : 373
Book Description
This updated and revised edition outlines strategies and models for how to use technology and knowledge to improve performance, create jobs and increase income. It shows what skills will be required to produce, sell and manage performance over time, and how manual jobs can contribute to reduce the consumption of non-renewable resources.
Author: S. Uebelmesser Publisher: Elsevier ISBN: 0444517324 Category : Business & Economics Languages : en Pages : 284
Book Description
Pension systems in most industrialised countries are unfunded, i.e. they are pay-as-you-go financed and thus depend on a well-balanced ratio (old) recipients to (young) contributors. This so-called dependency ratio will worsen significantly in the next few decades due to two developments: ageing of the population and increased labour mobility. This book analyses the viability of unfunded pension systems in the presence of the projected demographic evolution. The analysis focuses on questions concerning: efficiency considerations and the possibility of welfare improvements; political economy aspects and the feasibility of reforms, and; the process of European integration and its influence on national pension systems. The theoretical analysis is complemented in numerous ways by quantitative parts and institutional details. The consequences of the demographic crisis for the distribution of the pension burden within and across generations and in an international context are illustrated with respect to the specific situation in Germany and other European countries. It is shown for different settings of political power distribution and for different degrees of mobility what would happen without any reforms and what could and should be done to guarantee the survival of old-age security based on a fair sharing of the pension burden. Neither explosion nor erosion is the inevitable fate of unfunded pension systems. But to avoid either happening, fundamental reforms are necessary as soon as possible which loosen at least partially the intergenerational dependencies and thus reduce the pressure from the changing population structure on old-age security.
Author: Robert Schware Publisher: World Bank Publications ISBN: Category : Business & Economics Languages : en Pages : 204
Book Description
Information and communication technologies (ICTs) are increasingly being recognized as essential tools of development--tools that can empower poor people, enhance skills, increase productivity and improve governance at all levels. The success of ICT-enabled development (or e-development) will thus not be measured by the diffusion of technology, but by advances in development itself: economic growth and, ultimately, achievement of the Millenium Development Goals. This volume examines a wide range of issues related to e-development, with a focus on the requirements and realities of using ICTs to advance development goals. The report does not attempt to present a comprehensive overview of e-development. Rather, it highlights key issues that have immediate relevance to policy makers in developing nations who make decisions on investments and development goals. It highlights two issues in particular, e-government and e-education, because ICT applications in these areas can lead to significant development outcomes and can also be successfully deployed through public-private partnerships, leveraging limited government funding to achieve greater impact.
Author: Lynn Krieger Mytelka Publisher: IDRC ISBN: 928081155X Category : Business & Economics Languages : en Pages : 416
Book Description
Since the mid-1990s, the emergence of a hydrogen economy and the speed with which it will arrive have been vigorously debated. As a disruptive technology, dominant designs for the production, storage and distribution of hydrogen have not yet been established. Neither have performance characteristics been achieved to compete with the existing combustion engine, though the efficiency and durability of hydrogen fuel cells are improving. This publication highlights the uncertainties involved in making choices about hydrogen and fuel cells in planning the development policies on national energy, environment and transport sector.--Publisher's description.
Author: Mieczysław P. Boduszyński Publisher: JHU Press ISBN: 0801899192 Category : Political Science Languages : en Pages : 359
Book Description
In the 1990s, amid political upheaval and civil war, the Socialist Federal Republic of Yugoslavia dissolved into five successor states. The subsequent independence of Montenegro and Kosovo brought the total number to seven. Balkan scholar and diplomat to the region Mieczyslaw P. Boduszynski examines four of those states—Croatia, Slovenia, Macedonia, and the Federal Republic of Yugoslavia—and traces their divergent paths toward democracy and Euro-Atlantic integration over the past two decades. Boduszynski argues that regime change in the Yugoslav successor states was powerfully shaped by both internal and external forces: the economic conditions on the eve of independence and transition and the incentives offered by the European Union and other Western actors to encourage economic and political liberalization. He shows how these factors contributed to differing formulations of democracy in each state. The author engages with the vexing problems of creating and sustaining democracy when circumstances are not entirely supportive of the effort. He employs innovative concepts to measure the quality of and prospects for democracy in the Balkan region, arguing that procedural indicators of democratization do not adequately describe the stability of liberalism in post-communist states. This unique perspective on developments in the region provides relevant lessons for regime change in the larger post-communist world. Scholars, practitioners, and policymakers will find the book to be a compelling contribution to the study of comparative politics, democratization, and European integration.
Author: Yufang Zhang
Author: Yufang Zhang
Author: Estelle James
Author: Wael Al-Delaimy
Author: Juan Carlos Navarro
Author: W. Stahel
Author: S. Uebelmesser
Author: Robert Schware
Author: Lynn Krieger Mytelka
Author: Mieczysław P. Boduszyński
Author: Steven J. Dick