caa a22 4500 467909822 CHVBK 20180406152846.0 cr unu---uuuuu 170328e20060301xx s 000 0 eng 10.1007/s10645-006-6486-y doi (NATIONALLICENCE)springer-10.1007/s10645-006-6486-y Generational Accounting, Solidarity and Pension Losses [Elektronische Daten] [Coen Teulings, Casper De Vries] Summary: The stock market collapse led to political tensions between generations due to the fuzzy definition of the property rights over the pension funds' wealth. The problem is best resolved by the introduction of generational accounts. Modern consumption and portfolio theory shows that the younger generations should have the higher equity exposure due to their human capital. Stock market losses should be distributed smoothly over lifetime consumption by adjusting both current contributions and future entitlements. We present expressions for the substantial welfare losses involved in various practically relevant deviations from the optimal system. Springer, 2006 Pension funds nationallicence generational accounts nationallicence portfolio choice nationallicence Life cycle Models nationallicence D91 nationallicence G11 nationallicence G23 nationallicence Teulings Coen SEO/Tinbergen Institute, Roeterstraat 29, 1018WB, Amsterdam, the Netherlands aut De Vries Casper Dept. of Economics, Erasmus Universiteit Rotterdam/Tinbergen Institute, PO Box 1738, 3000 DR, Rotterdam, the Netherlands aut De Economist Kluwer Academic Publishers 154/1(2006-03-01), 63-83 0013-063X 154:1<63 2006 154 10645 https://doi.org/10.1007/s10645-006-6486-y text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/s10645-006-6486-y text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Teulings Coen SEO/Tinbergen Institute, Roeterstraat 29, 1018WB, Amsterdam, the Netherlands aut NATIONALLICENCE 700 1- De Vries Casper Dept. of Economics, Erasmus Universiteit Rotterdam/Tinbergen Institute, PO Box 1738, 3000 DR, Rotterdam, the Netherlands aut NATIONALLICENCE 773 0- De Economist Kluwer Academic Publishers 154/1(2006-03-01), 63-83 0013-063X 154:1<63 2006 154 10645 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer