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The present value of the future, or individual decisions behind superannuation investments

Author

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  • Farmasi, Attila
  • Tatay, Tibor

Abstract

In recent decades, there has been much debate on how a state can establish a pension system that takes into considera-tion the balance of the general government. In addition to the condition of an equilibrium, social security and the stability of the value of pensions should also be ensured. The Hungarian regulation, however, has compelled not only economic politicians, but also future pensioners make their choice several times. The aim of this paper is to study such choices and decisions. The authors demonstrate the effect mechanism of individual decisions through examples. They believe that decision-makers often do not con-sider the effect of their choices, and therefore the rightness of their steps is questionable.

Suggested Citation

  • Farmasi, Attila & Tatay, Tibor, 2011. "The present value of the future, or individual decisions behind superannuation investments," Public Finance Quarterly, Corvinus University of Budapest, vol. 56(2), pages 169-178.
    • Handle: RePEc:pfq:journl:v:56:y:2011:i:2:p:169-178
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    File URL: https://unipub.lib.uni-corvinus.hu/9026/
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    More about this item

    Keywords

    pension system; portfolio choice; PAYG (pay-as-you-go) and PAYE (pay-as-you-earn) systems;
    All these keywords.

    JEL classification:

    • G00 - Financial Economics - - General - - - General
    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies

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