Managing Contribution and Capital Market Risk in a Funded Public Defined Benefit Plan: Impact of CVaR Cost Constraints
NBER Working Paper No. 14332
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This research was conducted with support from the TransCoop Program of the Alexander von Humboldt Foundation and the Pension Research Council (PRC) at The Wharton School of the University of Pennsylvania. We are grateful for useful comments from Peter Brady, Peter König, and Steven Haberman, and for data provided by the Hessian Statistical Office. This is part of the NBER Program on the Economics of Aging. Opinions and errors are solely those of the authors and not of the institutions with whom the authors are affiliated nor the National Bureau of Economic Research.