EMPLOYEE EVALUATION OF PENSION CLAIMS AND THE IMPACT OF INDEXING INITIATIVES
作者:
JAMES E. PESANDO,
期刊:
Economic Inquiry
(WILEY Available online 1984)
卷期:
Volume 22,
issue 1
页码: 1-17
ISSN:0095-2583
年代: 1984
DOI:10.1111/j.1465-7295.1984.tb00661.x
出版商: Blackwell Publishing Ltd
数据来源: WILEY
摘要:
There is discussion in both Canada and the United States of proposals which require private pension plans to provide indexed pension benefits. This paper employs both an auction and an implicit contract model to identify the compensating wage differentials required of possible policy initiatives. The contract model, motivated by the prevalence (especially in Canada) of ad hoc cost‐of‐living adjustments to pensions in pay, presumes that workers have a call option on the investment earnings in excess of the interest rate assumption used to value the plan. The analysis indicates that wage offsets are potentially quite large, may be difficult to predict, and may vary substantially across firms. In addition, the case for policy action would appear to rest largely on the implicit assumption that workers misperceive the value of their pension benef
点击下载:
PDF
(1168KB)
返 回