References of "Lovat, Bruno"
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See detailRisky rents
Guigou, Jean-Daniel UL; Lovat, Bruno; Treich, Nicolas

in Economic Theory Bulletin (2017), 5(2), 151-164

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See detailOn strategically equivalent contests
Schiltz, Jang UL; Guigou, Jean-Daniel UL; Lovat, Bruno

Scientific Conference (2016, June 02)

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See detailOn some issues in trajectory modeling with finite mixture models
Schiltz, Jang UL; Guigou, Jean-Daniel UL; Lovat, Bruno

in Skiadas, Christos; Manca, Raimondo; McClean, Sally (Eds.) et al 16th ASMDA 2015 Conference and Demographics 2015 Proceedings (2015, June 30)

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See detailOptimal mix of funded and unfunded pension systems: The case of Luxembourg
Schiltz, Jang UL; Guigou, Jean-Daniel UL; Lovat, Bruno

Scientific Conference (2014, June 20)

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See detailAn R-package for Finite Mixture Models
Schiltz, Jang UL; Guigou, Jean-Daniel UL; Lovat, Bruno

Scientific Conference (2013, December 07)

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See detailDelegation and Firms’ Ability to Collude: Do Incentive Schemes Matter?
Guigou, Jean-Daniel UL; de Lamirande, Patrick; Lovat, Bruno

in China-USA Business Review (2013)

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See detailAsymmetric contests with risky rents
Guigou, Jean-Daniel UL; Lovat, Bruno; Boissaux, Mac

E-print/Working paper (2013)

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See detailRobustness of groups and trajectories in Nagin's finite mixture model
Guigou, Jean-Daniel UL; Lovat, Bruno; Schiltz, Jang UL

Scientific Conference (2012, June 07)

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See detailOptimal mix of funded and unfunded pension systems: The case of Luxembourg
Guigou, Jean-Daniel UL; Lovat, Bruno; Schiltz, Jang UL

in Pensions : An International Journal (2012), 17(4), 208-222

Financing of the Luxembourg pension system is based on a pay-as-you-go (PAYG) system and hence on an intergenerational contract. As is the case for most other European countries, this system will be ... [more ▼]

Financing of the Luxembourg pension system is based on a pay-as-you-go (PAYG) system and hence on an intergenerational contract. As is the case for most other European countries, this system will be exposed to the effects of demographic ageing over the coming decades. The aim of this article is to develop a model that allows evaluating the effi ciency of a diversifi ed pension system fi nanced partly by a PAYG scheme and partly by capitalization. The efficiency is measured by the long-term sustainability of the system. We compare the sustainability of our model with the one of a pure PAYG system. [less ▲]

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See detailOptimal mix of funded and unfunded pension systems: the case of Luxembourg
Guigou, Jean-Daniel UL; Lovat, Bruno; Schiltz, Jang UL

E-print/Working paper (2012)

Financing of the Luxembourg pension system is based on a pay-as-you-go (PAYG) system <br />and hence on an inter-generational contract. As is the case for most other European <br />countries, this system ... [more ▼]

Financing of the Luxembourg pension system is based on a pay-as-you-go (PAYG) system <br />and hence on an inter-generational contract. As is the case for most other European <br />countries, this system will be exposed to the effects of demographic ageing over the coming <br />decades. <br />The aim of this paper is to develop a model that allows to evaluate the efficiency of a <br />diversified pension system financed partly by a pay-as-you-go scheme and partly by <br />capitalisation. The efficiency is measured by the long term sustainability of the system. We <br />compare the sustainability of our model to the one of a pure pay-as-you-go system. [less ▲]

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See detailAnalysis of the salary distribution in Luxembourg - a finite mixture approach
Schiltz, Jang UL; Guigou, Jean-Daniel UL; Lovat, Bruno et al

Scientific Conference (2011, December 11)

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See detailStrategic Delegation and Collusion: Do Incentive Schemes Matter?
Guigou, Jean-Daniel UL; de Lamirande, Patrick; Lovat, Bruno

E-print/Working paper (2011)

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See detailAnalysis of the salary trajectories in Luxembourg : a finite mixture model approach
Guigou, Jean-Daniel UL; Lovat, Bruno; Schiltz, Jang UL

in Proceedings of the 1st International Conference on Stochastic Modeling Techniques and Data Analysis (2011)

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See detailAnalysis of the salary trajectories in Luxembourg: a finite mixture model approach
Guigou, Jean-Daniel UL; Lovat, Bruno; Schiltz, Jang UL

Scientific Conference (2010, June 09)

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See detailOptimal Mix of Funded and Unfunded Pension Systems: the Case of Luxembourg
Guigou, Jean-Daniel UL; Lovat, Bruno; Schiltz, Jang UL

Scientific Conference (2010, May 20)

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See detailLes retraites au Luxembourg : modélisation et évaluation d'un système diversifié avec répartition et capitalisation
Guigou, Jean-Daniel UL; Lovat, Bruno; Schiltz, Jang UL

Report (2010)

Nous développons un modèle permettant d évaluer l e¢ cacité d un système de pension diversi é - dont le nancement est basé à la fois sur la répartition et la capitalisation - à partir de données propres ... [more ▼]

Nous développons un modèle permettant d évaluer l e¢ cacité d un système de pension diversi é - dont le nancement est basé à la fois sur la répartition et la capitalisation - à partir de données propres au Luxembourg. Le critère d e¢ cacité retenu est celui de la soutenabilité à long terme du système. Nous comparons ainsi la soutenabilité dans le temps d un régime combinant répartition et capitalisation avec celle d un régime reposant uniquement soit sur la répartition, soit sur la capitalisation. Cette étude procède en trois étapes. La première étape consiste à mettre en évidence les courbes d évolution des salaires au Luxembourg. Pour y parvenir, nous avons utilisé une méthode statis- tique récente basée sur les trajectoires de développement. Nous avons estimé les paramètres du modèle à partir d une base de données unique, fournie par l IGSS, comprenant les salaires annualisés de tous les employés du secteur privé luxem- bourgeois. Nous avons ainsi obtenu neuf trajectoires moyennes d évolution des salaires ainsi que le poids de chacune d elles dans la société luxembourgeoise. La deuxième étape propose une évaluation du système d assurance-pension luxembourgeois à partir d un nouveau critère : le coe¢ cient de soutenabilité. Il s agit du nombre d euros que les actifs doivent gagner en moyenne pour assurer chaque euro de retraite avec la législation en vigueur. Nos estimations montrent la forte sensibilité du coe¢ cient de soutenabilité aux variables démographiques, mettant ainsi en évidence le risque qui pèse sur le système par répartition au Luxembourg. La troisième et dernière étape introduit la capitalisation dans l analyse. Concrè- tement, il s agit d une épargne-retraite constituée par annuités constantes et pla- cée à un taux d intérêt aléatoire. Le problème revient alors à déterminer le mon- tant optimal de l annuité pour chacun des neuf groupes d individus déjà identi és et d en déduire les ratios répartition/capitalisation correspondants. Notre critère repose là aussi sur le nombre d euros qu il est nécessaire de gagner pour assurer le nancement de chaque euro de retraite, et de la variabilité de ce nombre, mais en tenant compte cette fois-ci, non seulement de l e¤ort collectif (via la répartition), mais aussi de l e¤ort individuel (via la capitalisation). Le but est alors de contrôler la variabilité de l e¤ort total au sein du nouveau système, sous la contrainte d un gain en soutenabilité par rapport au système initial. Des résultats di¤érents en termes de ratio répartition/capitalisation d une part, et d annuités d autre part, sont obtenus en fonction du gain de soutenabilité que l on se donne a priori. [less ▲]

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See detailThe impact of ageing population on pay-as-you-go pension systems: The case of Luxembourg
Guigou, Jean-Daniel UL; Lovat, Bruno; Schiltz, Jang UL

in Journal of International Finance and Economics (2010), 1

Financing of the Luxembourg pension system is based on a pay-as-you-go system and hence on an intergenerational contract. As is the case for most other European countries, this system will be exposed to ... [more ▼]

Financing of the Luxembourg pension system is based on a pay-as-you-go system and hence on an intergenerational contract. As is the case for most other European countries, this system will be exposed to the effects of demographic aging over the coming decades. The aim of this paper is to evaluate the impact of this demographic deficit on the long term sustainability of the Luxembourg pension system. We proceed in two steps. In a first step, we highlight the evolution of salaries in Luxembourg. To this end, we use the recent statistical group based trajectory model of D. Nagin (Nagin 2005). We estimate model parameters from a single database, provided by the general social security inspection office (IGSS) and containing annual salaries of all wage earners in the Luxembourg private sector. As a result we divide up the population into nine groups, each with its own mean salary trajectory in time and its relative weight in society. In a second step, we evaluate the pension system by means of a new criterion. This is the sustainability coefficient, which we define as the average amount (in euros) that the labor force has to earn to fund one euro of pension payments, based on current legislation. Our estimations show the high sensitivity of the coefficient to demographic variables and highlight the risks threatening the Luxembourg pay-as-you-go system. To this aim, we develop a theoretical model consistent with our statistical analysis. This model allows for the determination of both the initial level and the evolution of the pensions for each of the groups identified in the first step of our work. Knowing the weight of each of the groups within the Luxembourg population, we are then able to evaluate the sustainability coefficient of the system. This corresponds to comparing the sum of all incomes of the labor force to that of all the pensions paid to pensioners at a given date while taking into account the growth rate of the population in time. Finally, we interpret our results in the light of other sustainability criteria, such as the rate of contributions which ensures long-term stability of the pension level under the current legislation or the pension level that current contributions are able to finance in the long run. [less ▲]

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See detailGroup-based trajectory modeling and applications to eonomics
Guigou, Jean-Daniel UL; Lovat, Bruno; Schiltz, Jang UL

Scientific Conference (2009, June 19)

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