Wharton Pension Research Council Working Papers

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Working Papers from 2019

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Understanding the Macro-Financial Effects of Household Debt: A Global Perspective, Adrian Alter, Alan Feng, and Nico Valckx

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Ambiguity Attitudes about Investments: Evidence from the Field, Kanin Anantanasuwong, Roy Kouwenberg, Olivia S. Mitchell, and Kim Peijnenburg

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Save More Later? The Effect of the Option to Choose Delayed Savings Rate Increases on Retirement Wealth, John Beshears, Hengchen Dai, Katherine L. Milkman, and Shlomo Benartzi

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How Much Should the Poor Save for Retirement? Data and Simulations on Retirement Income Adequacy Among Low-Earning Households, Andrew G. Biggs

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The Risk of Financial Hardship in Retirement: A Cohort Analysis, Jason Brown, Karen Dynan, and Theodore Figinski

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Behavioral Impediments to Valuing Annuities: Complexity and Choice Bracketing, Jeffrey R. Brown, Arie Kapteyn, Erzo F. P. Luttmer, Olivia S. Mitchell, and Anya Samek

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The Graying of American Debt, Meta Brown, Donghoon Lee, Joelle Scally, and Wilbert van der Klaauw

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Is Rising Household Debt Affecting Retirement Decisions?, Barbara A. Butrica and Nadia S. Karamcheva

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Financial Well-being of State and Local Government Retirees in North Carolina, Robert L. Clark and Siyan Liu

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Household Portfolio Underdiversification and Probability Weighting: Evidence from the Field, Stephen G. Dimmock, Roy Kouwenberg, Olivia S. Mitchell, and Kim Peijnenburg

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Five Facts About Beliefs and Portfolios, Stefano Giglio, Matteo Maggiori, Johannes Stroebel, and Stephen P. Utkus

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Household Debt and Aging in Japan, Charles Yuji Horioka and Yoko Niimi

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Implications of Money-Back Guarantees for Individual Retirement Accounts: Protection Then and Now, Vanya Horneff, Daniel Liebler, Raimond Maurer, and Olivia S. Mitchell

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How Would 401(k) ‘Rothification’ Alter Saving, Retirement Security, and Inequality?, Vanya Horneff, Raimond Maurer, and Olivia S. Mitchell

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Factors Affecting Temporal Discounting in Older Adults, Joseph W. Kable, Karolina Lempert, and David Wolk

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Retirement Preparedness and Financial Literacy in Singapore: How Do the Self-Employed Compare?, Benedict S.K. Koh and Olivia S. Mitchell

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Trust and Retirement Preparedness: Evidence from Singapore, Benedict S.K. Koh, Olivia S. Mitchell, and Joelle H. Fong

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Paying it Back: Real-World Debt Service Trends and Implications for Retirement Planning, Anne Lester, Katherine Santiago, Je Oh, Livia Wu, and Ekaterina Chegaeva

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Financial Distress among the Elderly: Bankruptcy Reform and the Financial Crisis, Wenli Li and Michelle J. White

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Debt Close to Retirement and Its Implications for Retirement Well-being, Annamaria Lusardi, Olivia S. Mitchell, and Noemi Oggero

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Mortgage Foreclosures and Older Americans: A Decade after the Great Recession, Lori A. Trawinski

Working Papers from 2018

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Learning and Confirmation Bias: Measuring the Impact of First Impressions and Ambiguous Signals, Julie Agnew, Hazel Bateman, Christine Eckert, Fedor Iskhakov, Jordan Louviere University of South Australia, and Susan Thorp

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Behavioral Finance, Decumulation and the Regulatory Strategy for Robo-Advice, Tom Baker and Benedict Dellaert

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FinTech Disruption: Opportunities to Encourage Financial Responsibility, Julianne Callaway

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Exploring the Risks and Consequences of Elder Fraud Victimization: Evidence from the Health and Retirement Study, Marguerite DeLiema, Martha Deevy, Annamaria Lusardi, and Olivia S. Mitchell

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Financial Fraud among Older Americans: Evidence and Implications, Marguerite DeLiema, Martha Deevy, Annamaria Lusardi, and Olivia S. Mitchell

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Matching FinTech Advice to Participant Needs: Lessons and Challenges, Stephen L. Deschenes and P Brett Hammond

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The Chinese Pension System, Hanming Fang and Jin Feng

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The Emergence of the Robo-advisor, Jill E. Fisch, Marion Labouré, and John A. Turner

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Personality traits, intra-household allocation and the gender wage gap, Christopher J. Flinn, Petra E. Todd, and Weilong Zhong

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How Financial Literacy and Impatience Shape Retirement Wealth and Investment Behaviors, Justine S. Hastings and Olivia S. Mitchell

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How Will Persistent Low Expected Returns Shape Household Economic Behavior?, Vanya Horneff, Raimond Maurer, and Olivia S. Mitchell

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Cognitive Ability, Financial Literacy, and the Demand for Financial Advice at Older Ages: Findings from the Health and Retirement Study, Hugh H. Kim, Raimond Maurer, and Olivia S. Mitchell

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Transformation of Investment Advice: Digital Investment Advisors as Fiduciaries, Jennifer L. Klass and Eric L. Perelman

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Ethics, Insurance Pricing, Genetics, and Big Data, Robert Klitzman

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Financial Knowledge and Portfolio Complexity in Singapore, Benedict S. K Koh, Olivia S. Mitchell, and Susann Rohwedder

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Assessing the Impact of Financial Education Programs: A Quantitative Model, Annamaria Lusardi, Pierre-Carl Michaud, and Olivia S. Mitchell

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Understanding Debt at Older Ages and Its Implications for Retirement Well-being, Annamaria Lusardi, Olivia S. Mitchell, and Noemi Oggero

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Designing for Older Adults: Overcoming Barriers to a Supportive, Safe, and Healthy Retirement, Cosmin Munteanu, Benett Axtell, Hiba Rafih, Amna Liaqat, and Yomna Aly

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The FinTech Opportunity, Thomas Philippon

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The Big Spenddown: Digital Investment Advice and Decumulation, Steven Polansky, Peter Chandler, and Gary R. Mottola

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Benefit Plan Cybersecurity Considerations: A Recordkeeper and Plan Perspective, Timothy Rouse, David Levine, Allison Itami, and Benjamin Taylor

Working Papers from 2017

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Getting More from Less in Defined Benefit Plans: Three Levers for a Low-Return World, Daniel B. Berkowitz, Andrew S. Clarke, Kevin J. DiCiurcio, Kimberly A. Stockton, and Daniel W. Wallick

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Low Returns and Optimal Retirement Savings, David Blanchett, Michael Finke, and Wade D. Pfau

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Politics, Independence, and Long-term Low Interest Rates at the Federal Reserve, Peter Conti-Brown

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Retirement Saving and Decumulation in a Persistent Low-Return Environment, Jason F. Fichtner and Jason S. Seligmann

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State Sponsored Retirement Savings Plans: New Approaches to Boost Retirement Plan Coverage, William G. Gale and David C. John

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Global Developments in Employee Benefits, Natalia Garabato, Jonathan Gardner, and Steve Nyce

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How Persistent Low Expected Returns Alter Optimal Life Cycle Saving, Investment, and Retirement Behavior, Vanya Horneff, Raimond Maurer, and Olivia S. Mitchell

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Putting the Pension Back in 401(k) Plans: Optimal versus Default Longevity Income Annuities, Vanya Horneff, Raimond Maurer, and Olivia S. Mitchell

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Intelligent Risk Taking: How to Secure Retirement in a Low Expected Return World, Antti Illmanen and Matthew Rauseo

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Debt and Financial Vulnerability on the Verge of Retirement, Annamaria Lusardi, Olivia S. Mitchell, and Noemi Oggero

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Optimal Social Security Claiming Behavior under Lump Sum Incentives: Theory and Evidence, Raimond Maurer, Olivia S. Mitchell, Ralph Rogalla, and Tatjana Schimetschek

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Evaluating Lump Sum Incentives for Delayed Social Security Claiming*, Olivia S. Mitchell and Raimond Maurer

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Does Financial Literacy Increase Students’ Perceived Value of Schooling?, Luca Maria Pesando

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Challenges and Opportunities of Living and Working Longer, Joseph F. Quinn and Kevin E. Cahill

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Investing for Retirement in a Low Returns Environment: Making the Right Decisions to Make the Money Last, Catherine Reilly and Alistair Byrne

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Helping Employers Become Age-Ready, Yvonne Sonsino

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Attention Variation and Welfare: Theory and Evidence from a Tax Salience Experiment, Dmitry Taubinsky and Alex Rees-Jones

Working Papers from 2016

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Aging and Decision-Making Competence, Wandi Bruine de Bruin

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Approaching Retirement: The Categories, Timing, and Correlates of Advice-Seeking, Gordon L. Clark, Maurizio Fiaschetti, and Peter Tufano

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Annuity Options in Public Pension Plans, Robert L. Clark and Janet Cowell

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Employee Financial Literacy and Retirement Plan Behavior: A Case Study, Robert Clark, Olivia S. Mitchell, and Annamaria Lusardi

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Aging and Financial Victimization: How Should the Financial Service Industry Respond?, Marguerite DeLiema and Martha Deevy

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Retirement and Cognitive Function, Raquel Fonseca, Arie Kapteyn, and Gema Zamarro

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Challenges for Financial Decision Making at Older Ages, Keith Jacks Gamble

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Time Discounting and Economic Decision-making among the Elderly, David Huffman, Raimond Maurer, and Olivia S. Mitchell

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Understanding and Combating Investment Fraud, Christine N. Kieffer and Gary R. Mottola

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Custom Financial Advice versus Simple Investment Portfolios:A Life Cycle Comparison, Hugh Hoikwang Kim, Raimond Maurer, and Olivia S. Mitchell

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When and How to Delegate? A Life Cycle Analysis of Financial Advice, Hugh Hoikwang Kim, Raimond Maurer, and Olivia S. Mitchell

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Seven Life Priorities in Retirement, Surya Kolluri and Cynthia Hutchins

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Older Women’s Labor Market Attachment, Retirement Planning, and Household Debt, Annamaria Lusardi and Olivia S. Mitchell

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Older Peoples’ Willingness to Delay Social Security Claiming, Raimond Maurer and Olivia S. Mitchell

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Workplace-Linked Pensions for an Aging Demographic, Olivia S. Mitchell and John Piggott

Working Papers from 2015

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Pension Fund Investment in Infrastructure and Global Financial Regulation, Javier Alonso, Alfonso Arellano, and David Tuesta

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Retirement Replacement Rates: What and How, Andrew G. Biggs

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Cognitive Constraints on Valuing Annuities, Jeffrey R. Brown, Arie Kapteyn, Erzo F.P. Luttmer, and Olivia S. Mitchell

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Mark-to-Market Accounting for United States Corporate Pensions: Implementation and Impact, Joseph Busillo, Thomas Harvey, and Bryan Hoffman

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Lessons for Public Pensions from Utah’s Move to Pension Choice, Robert L. Clark, Emma Hanson, and Olivia S. Mitchell

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Determinants of Saving for Old Age around the World, Asli Demirgüç-Kunt, Leora Klapper, and George A. Panos

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Ambiguity Aversion and Household Portfolio Choice Puzzles: Empirical Evidence, Stephen G. Dimmick, Roy Kouwenberg, Olivia S. Mitchell, and Kim Peijnenburg

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Fundamentals of Cost and Risk that Matter to Pension Savers and Life Annuitants, Catherine Donnelly, Montserrat Guillén, and Jens Perch Nielsen

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The New Insurance Supervisory Landscape: Implications for Insurance and Pensions, Peter A. Fisher

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The Role of Time Preferences and Exponential-Growth Bias in Retirement Savings, Gopi Shah Goda, Matthew R. Levy, Colleen Flaherty Manchester, Aaron Sojourner, and Joshua Tasoff

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Narrow Framing and Long-Term Care Insurance, Daniel Gottlieb and Olivia S. Mitchell

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Risk Disclosure in the European Insurance Industry: Implications for Occupational Pension Funds, Karel Van Hulle

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Simplifying Choices in Defined Contribution Retirement Plan Design, Donald B. Keim and Olivia S. Mitchell

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Borrowing from the Future: 401(k) Plan Loans and Loan Defaults, Timothy (Jun) Lu, Olivia S. Mitchell, Stephen P. Utkus, and Jean A. Young

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Social Interaction Effects and Individual Portfolio Choice: Evidence from 401(k) Pension Plan Investors, Timothy (Jun) Lu and Ning Tang

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Accounting-based Asset Return Smoothing in Participating Life Annuities: Implications for Annuitants, Insurers, and Policymakers Implications for Annuitants, Insurers, and Policymakers, Raimond Maurer, Olivia S. Mitchell, Ralph Rogalla, and Ivonne Siegelin

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Using a Life Cycle Model to Evaluate Financial Literacy Program Effectiveness, Pierre-Carl Michaud, Annamaria Lusardi, and Olivia S. Mitchell

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Financial Literacy and Economic Outcomes: Evidence and Policy Implications, Olivia S. Mitchell and Annamaria Lusardi

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Implications of the New Regulatory Order for Retirement System Risk Management, Olivia S. Mitchell, Raimond Maurer, and J. Michael Orszag

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It Pays to Set the Menu: Mutual Fund Investment Options in 401(k) Plans, Veronika K. Pool, Clemens Sialm, and Irina Stefanescu

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Pensions, Risk, and Global Systemically Important Financial Institutions, Brian Reed and Dan Waters

Working Papers from 2014

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Does Financial Education Enhance Financial Preparedness? Evidence from a Field Experiment in Singapore, Rashmi Barua, Benedict Koh, and Olivia S. Mitchell

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United States Pension Benefit Plan Design Innovation: Labor Unions as Agents of Change, David S. Blitzstein

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The Promise of Defined Ambition Plans: Lessons for the United States, Lans Bovenberg, Roel Mehlkopf, and Theo Nijman

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Insights From Switzerland’s Pension System, Monika Bütler

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The Australian Retirement Income System: Comparisons with and Lessons for the United States, Rafal Chomik and John Piggott