A Minimum Guaranteed Jobs Proposal

minimum guaranteed income scheme

The poverty reducing impact of social transfers is weaker in Greece than in the rest of the EU. Institutional aspects of the country’s social protection system (and among them, the absence of a national minimum social safety net) bear much responsibility for this. Interest in the desirability and feasibility of introducing a minimum income scheme in Greece seems to have revived recently. The pa...

Guaranteed green jobs : Sustainable full employment

Analysis of A Penalty Method for Pricing a Guaranteed Minimum

5 The no arbitrage pricing of Guaranteed Minimum Withdrawal Benefits (GMWB) contracts 6 results in a singular stochastic control problem which can be formulated as a Hamilton Jacobi 7 Bellman (HJB) Variational Inequality (VI). Recently, a penalty method has been suggested for 8 solution of this HJB variational inequality (Dai et al., 2008). This method is very simple to 9 implement. In this art...

A proportional approach to claims problems with a guaranteed minimum

In distribution problems, and specifically in bankruptcy issues, the Proportional (P ) and the Egalitarian (EA) divisions are two of the most popular ways to resolve the conflict. Nonetheless, when using the egalitarian division, agents may receive more than her claim. We propose a compromise between the proportional and the egalitarian solutions by considering the restriction that no one recei...

Guaranteed Minimum Withdrawal Benefit in Variable Annuities

We develop a singular stochastic control model for pricing variable annuities with the guaranteed minimum withdrawal benefit. This benefit promises to return the entire initial investment, with withdrawals spread over the term of the contract, irrespective of the market performance of the underlying asset portfolio. A contractual withdrawal rate is set and no penalty is imposed when the policyh...