The valuation and redistribution effect of the korea national pension

Y. U.H. Yoonkyung, Jaehwan Yang

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1 Scopus citations


This paper evaluates the Korea National PensionKNP and investigates its redistribution effects. The educational level is used as a proxy for mortality and various socioeconomic factors are considered. The financial and utility-based analyses reveal strong progressive redistribution with income level. Also, the utility-based analysis indicates significant progressive redistribution with non-pension asset level but no significant redistribution with the educational level. Generally, the KNP is extremely valuable and its value seems higher with a pre-existing private annuity especially for the poor. Finally, when people are assumed to spend at least the minimum consumption level, it becomes more beneficial. Hitotsubashi University.

Original languageEnglish
Pages (from-to)113-142
Number of pages30
JournalHitotsubashi Journal of Economics
Issue number1
StatePublished - Jun 2011


  • Annuity equivalent wealth
  • Annuity evaluation
  • Bequest
  • Korea national pension
  • Money's worth ratio
  • Redistribution


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