Economic surplus

The term annuity means an income that is received without consideration current, for example, invested capital. The word comes from French and is derived from the Italian rendita.

It is often under a pension a regular payment, often understood in the same amount. Within economics, there are also other uses. Uniformly 's just that such income be obtained without direct compensation.

In daily life are retirement understood (at least in Germany ) Instruments of retirement, first - because of its frequency - the pension from the statutory pension insurance not further treated.

Pension pension there but also from the private pension ( endowment assurance ). The latter principle is a development of 1653 by the Italian physician Lorenzo Tonti in Paris for the first time established Tontine. This was designed as a life annuity; the jointure is pursuing a related concept.

Another example is the rent of land, so the payments owed ​​by a tenant to the owner of the ground.

This principle of pension was transferred by analogy further. The British economist Alfred Marshall coined in his 1890 book Principles of Economics to published the concept of producer surplus.

Today we find the term pension again in many areas of economics.

• 3.1 Financial Mathematics
• 3.2 Actuarial Mathematics

Economics

In economics, the term pension is used in many ways. Add the Microeconomics he refers to the difference between acceptable for an economic actor price and the market price. In addition, he also comes through the payments made under the statutory pension insurance as part of the transfer payments into play.

Consumer and producer surplus

A distinction is made in the microeconomic analysis between consumer surplus and producer surplus. For consumers, this is the difference between what they are willing to pay for a particular good and what they actually have to pay for this. The opposite describes the producer surplus, the difference between the just acceptable price and the actual market price. See also Economic pension

Economic rent

In classical economics labor, capital and land, a distinction between the three factors of production. The part of the production that goes to them for the provision of work by workers, is called wage, the one who goes for the provision of capital by investors to this, as interest. The production part finally paid to landowners for the provision of land, is the economic rent.

Modern definitions according to the economic rent may also include any payment for the supply of raw materials, licenses to use intellectual property and so on, respectively. In the neoclassical theory of economic rent generally refers to the difference between the income from the instantaneous and a possible better use ( opportunity cost ).

Information rent

If a market participant a specific ( additional) income only on the basis of certain information which he gives, he relates an information rent. An example of this is the reimbursement received by a contractor under a deregulation. If the market participants higher costs than he actually arise, he receives an information rent. Closely linked to this is the political pension.

A further definition of information rent refers to the privatization of information. A market participant who has exclusively specific information, receive an additional pension equivalent to the retirement of the incumbent producers. See also Cournot point

Political pension

The Political pension refers to a ( More ) income without consideration by sovereign acts of the state, so for example the laws provide some higher income. In some cases, the payment of military and development aid is called a pension in political science. To refer to these mentioned as a pension, but it is questionable: Payment of development or military assistance is not due to the interest of the use of a good (eg the floor in the lease ) the part of the payor. The receipt of such funds is based on the interest of the paying State to another, either from a development perspective or a state in a strategically important region support. This shows that the " pension " paid state has a genuine interest in the appropriate use of its payment. In the military aid money is spent on weapons, often from producers of military aid paying State. Development aid is neither appropriated without direct consideration: Behaves the developing country ( a prominent example is Zimbabwe) in the use of these funds not in the way envisioned by the payer, the support of the developing country is often adjusted. Therefore, it is not permissible to designate development aid as a pension.

Financing

In business finance theory, particularly corporate finance, interest-bearing securities are often referred to as bonds. The provision of debt until you reach the end of the agreed term periods with payments of the same amount, the interest payment. The amount of the periodic payment of interest is to be paid irrespective of the market price of the security and is determined by the nominal or face value of the security.

Business Mathematics

The Business Mathematics provides their methods economics especially in the form of financial mathematics and actuarial available. Further connections between economics and mathematics can be found in Operations Research and Econometrics.

Financial Mathematics

In financial mathematics, a pension is a recurring payment. The economics for interested as a recurring payment into a single payment can be converted, and vice versa. The corresponding part of the area of ​​financial mathematics is the pension bill. A distinction in principle between the vorschüssigen pension ( pränumerando ) when at the beginning, and a reversionary pension ( arrears ), if it is paid at the end of a period. A special case is the perpetual annuity (also Perpetuität ) that has no maturity date.

The recipient of a recurring payment is generally referred to as reindeer.

Hence the different uses of the term derive in the areas of financing and insurance.

Insurance Mathematics

The benefits of an annuity is called annuity. Basically it is also here to recurring payments to the beneficiary. A distinction between the public and private pension insurance, the basic idea in both is the same, but there are in both the design and in the financing of major differences. In both cases, you can make a deposit phase during which contributions are paid, and a payout phase, during which entitlement to the pension, differ. The retirement pension is normally paid after reaching a minimum age until the death of the beneficiary, in private pensions maximum and minimum run times can also be set or have died to both partners of a community. Furthermore, disability pensions from the occurrence of the event that the incapacity for work has paid to the restoration of working ability or attainment of the age pension. Orphan's pension until the age of majority, in some cases, longer paid.

The pensions for civil servants to follow, at least in terms of recurring payments, the same principle. ( In Austria both staff and workers and officials refer pensions. )

Recipients of pensions within the meaning of the statutory pension scheme is referred to as a pensioner, while the receivers are called retiree pensions.