2,104 research outputs found
Pension adequacy and sustainability : An evaluation of the Finnish pension system
No full textAn international and independent evaluation of the Finnish pension system conducted by Professor Torben M. Andersen (Aarhus University) at the request of the Finnish Centre for Pensions.
Available only online
Unfunded Pensions and Endogenous Labor Supply
No full textA classic result in dynamic public economics states that there is no welfare rationale for pay-as-you-go (PAYG) pensions in a dynamically efficient overlapping-generations economy with exogenous labor supply. Parenthetically, a welfare justification for PAYG pensions exists if the economy is dynamically inefficient. Under the sufficient condition that the old be no less risk-averse than the young, both these results extend to an economy with endogenous labor supply.This article is published as Unfunded pensions and endogenous labor supply (with Torben M Andersen), Macroeconomic Dynamics 17(5), 971-997, 2013. DOI: 10.1017/S1365100511000794. Posted with permission.</p
Eläkkeiden riittävyys ja kestävyys : arvio Suomen eläkejärjestelmästä
No full textProfessori Torben M. Andersenin (Aarhus Universitet) tekemä kansainvälinen arvio Suomen eläkejärjestelmästä, sen riittävyydestä ja kestävyydestä. Arvio on Eläketurvakeskuksen tilaama.
Suomenkielinen käännös alkuperäisteoksesta
Integrated modeling of the Euro50
No full textThe Euro50 is a proposed 50 m optical and infrared telescope. It will have thousands of control loops to keep the optics aligned under influence of wind, gravity and thermal loads. Cross-disciplinary integrated modeling is used to study the overall performance of the Euro50. A sub-model of the mechanical structure originates from finite element modeling. The optical performance is determined using ray tracing, both non-linear and linearized. The primary mirror segment alignment control system is modeled with the 618 segments taken as rigid bodies. Adaptive optics is included using a layered model of the atmosphere and sub-models of the wavefront sensor, reconstructor and controller. The deformable mirror is, so far, described by a simple influence function and a second order dynamical transfer function but more detailed work is in progress. The model has been implemented using Matlab/Simulink on individual computers but it will shortly be implemented on a Beowulf cluster within a trusted network. Communication routines between Matlab on the cluster processors have been written and are being benchmarked. Representative results from the simulations are show
A dynamic‐efficiency rationale for public investment in the health of the young
No full textIn this paper, we assume away standard distributional and static-efficiency arguments for public health, and instead, seek a dynamic efficiency rationale. We study a lifecycle model wherein young agents make health investments to reduce mortality risk. We identify a welfare rationale for public health under dynamic efficiency and exogenous mortality even when private and public investments are perfect substitutes. If health investment reduces mortality risk but individuals do not internalize its effect on the life-annuity interest rate, the Philipson-Becker effect emerges; when the young are net borrowers, it works together with dynamic efficiency to support a role for public health.This is a working paper of an article published as Andersen, Torben M., and Joydeep Bhattacharya. "A dynamic‐efficiency rationale for public investment in the health of the young." Canadian Journal of Economics/Revue canadienne d'économique 47, no. 3 (2014): 697-719. doi:10.1111/caje.12095. Posted with permission.</p
Uncoordinated Prices and Monetary Policy
No full textUncoordinated prices and monetary policy
Torben M. Andersen
The paper considers coordination problems and the role for monetary policiy within a setting where the traditional assumption of instantaneous market clearing (costless coordination) is given up in favour of a more realistic setting where price decisions arc made by numerous agents (firms) acting independently on their private (decentralized) information. Disequilibrium phenomene or coordination probleme arise in this context frorn the fact that price decisions are not coordinated and therefore not nt'ccesarily mutually consistent. An environment with real shocks to Costa and dernund is analysed, and monetary policy is considered as a means to overcome the coordination problems. It iv shown that (a) a systematic monetary policy if non-neutral. (b) monetary policy can reduce the implications of differential information and uncoordinated prices, but (c) even under an optimal policy there is a systematic output loss as compared to the full current information case.Cet article s'intéresse aux problèmes de coordination et au rôle de la politique monétaire lorsque l'hypothèse d'ajustement instantané des marchés est abandonnée et remplacée par une formulation plus réaliste dans laquelle les décisions de prix sont laissées à l'initiative de l'ensemble des agents (des entreprises) agissant de façon indépendante et sur la base de leur propre information (décentralisée). Dans ce contexte les phénomènes de déséquilibre ou les problèmes de coordination proviennent de l'absence de cohérence entre les décisions de prix qui, par le fait même, ne sont pas nécessairement compatibles entre elles. On analyse alors un système où interviennent des chocs réels sur les coûts et sur la demande et dans lequel la politique monétaire est utilisée comme instrument de résolution de ces problèmes de coordination. On montre successivement a) qu'une politique monétaire systématique n'est pas neutre ; b) que la politique monétaire est susceptible de réduire les problèmes posés par l'inégale distribution des informations et l'absence de coordination des prix ; c) mais que même dans le cas d'une politique optimale on enregistre une perte de production par rapport au cas d'information parfaite.Andersen Torben M. Uncoordinated Prices and Monetary Policy. In: Revue économique, volume 36, n°6, 1985. pp. 1247-1270
The Intergenerational Welfare State and The Rise and Fall of Pay‐As‐You‐Go Pensions
No full textThis paper develops a theory of the two-armed intergenerational welfare state, consistent with key features of modern welfare arrangements, and uses it to rationalise the rise and fall in generosity of pay-as-you-go pensions solely on efficiency grounds. By using the education arm, a dynamically-efficient welfare state is shown to improve upon long-run laissez faire even when market failures are absent. To release these downstream welfare gains without hurting any transitional generation, help from the pension arm is needed. In the presence of an intergenerational education externality, pensions initially rise in generosity but can be replaced by fully funded pensions eventually.This is a manuscript of an article published as Andersen, Torben M., and Joydeep Bhattacharya. "The intergenerational welfare state and the rise and fall of pay‐as‐you‐go pensions." The Economic Journal 127, no. 602 (2017): 896-923. doi:10.1111/ecoj.12330. Posted with permission.</p
Reference‐dependent preferences, time inconsistency, and pay‐as‐you‐go pensions
No full textThe classic Aaron–Samuelson result argues that pay-as-you-go (PAYG) pension schemes cannot coexist with higher-return, private, retirement-saving schemes. The ensuing literature shows if agents voluntarily undersave for retirement due to myopia or time-inconsistency, then a paternalistic, rationale for PAYG pensions arises only if voluntary retirement saving is fully crowded out because of a binding borrowing constraint. This paper generalizes the discussion to the reference-dependent utility setup of Kőszegi and Rabin (2009) where undersaving happens naturally. No borrowing constraint is imposed. We show it is possible to offer a non-paternalistic, welfare rationale for return-dominated, PAYG pensions to coexist with private, retirement saving.This article is published as Andersen, Torben M., Joydeep Bhattacharya, and Qing Liu. "Reference‐dependent preferences, time inconsistency, and pay‐as‐you‐go pensions." Economic Inquiry 59, no. 3 (2021): 1008-1030. doi:10.1111/ecin.12972.</p
Sodium beacon wavefront sensing for the Euro50 telescope in the presence of perspective elongation
No full textTo obtain full sky coverage, astronomical adaptive optics systemsrequire Na Sodium Beacons (SBs) (also referred to as Laser Guide Starsor LGSs) located at heights extending from 85 to 100 km. When viewed atthe edge of large telescopes these SBs appear elongated. For the Euro5050 meter aperture telecopes this elongation amounts to 6 to 9 arcsecondswhen the laser is launched from a point on the telescope axis. This issubstantially larger than the -0.6 arcsec FWHM SB when viewed near thetelescope center. This so-called "perspective elongation" substantiallydecreases the sensitivity of SB aided adaptive optics. We describe a wayof removing this elongation when using pulsed lasers. It uses rapid(microsecond) refocusing of the telescope with the aid of birefringentlenses and polarization modulators. We present an outline of the SBwavefront sensor for the Euro50
Martin Andersen Nexø
No full textThis is a short presentation of the main works of the Danish author Martin Andersen Nexø
- …
