英文标题：
《The Italian Pension Gap: a Stochastic Optimal Control Approach》
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作者：
Alessandro Milazzo and Elena Vigna
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最新提交年份：
2018
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英文摘要：
  We study the gap between the state pension provided by the Italian pension system pre-Dini reform and post-Dini reform. The goal is to fill the gap between the old and the new pension by joining a defined contribution pension scheme and adopting an optimal investment strategy that is target-based. We find that it is possible to cover, at least partially, this gap with the additional income of the pension scheme, especially in the presence of late retirement and in the presence of stagnant career. Workers with dynamic career and workers who retire early are those who are most penalised by the reform. Results are intuitive and in line with previous studies on the subject.
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中文摘要：
我们研究了意大利养老金制度改革前和改革后国家养老金之间的差距。目标是通过加入养老金固定缴款计划并采取基于目标的最佳投资策略，填补新旧养老金之间的差距。我们发现，养老金计划的额外收入至少可以部分弥补这一缺口，尤其是在退休较晚和职业停滞的情况下。职业充满活力的工人和提前退休的工人是受改革惩罚最大的人。结果是直观的，并且与之前关于该主题的研究一致。
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分类信息：

一级分类：Quantitative Finance        数量金融学
二级分类：Risk Management        风险管理
分类描述：Measurement and management of financial risks in trading, banking, insurance, corporate and other applications
衡量和管理贸易、银行、保险、企业和其他应用中的金融风险
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一级分类：Mathematics        数学
二级分类：Optimization and Control        优化与控制
分类描述：Operations research, linear programming, control theory, systems theory, optimal control, game theory
运筹学，线性规划，控制论，系统论，最优控制，博弈论
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