Closed-form optimal investment and pension policies for hybrid PAYG systems with buffer funds are derived via non-zero volatility forward CRRA utilities, with numerical evaluation of sustainability and adequacy under demographic and economic scenarios.
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Optimal investment and Pension policy in Pay-As-You-Go systems under forward utility and ageing population
Closed-form optimal investment and pension policies for hybrid PAYG systems with buffer funds are derived via non-zero volatility forward CRRA utilities, with numerical evaluation of sustainability and adequacy under demographic and economic scenarios.