Wharton Pension Research Council Working Papers

Document Type

Working Paper

Date of this Version



The published version of this Working Paper may be found in the 1999 publication: Prospects for Social Security Reform.

Working Paper Number


Copyright/Permission Statement

All findings, interpretations, and conclusions of this paper represent the views of the author(s) and not those of the Wharton School or the Pension Research Council. © 1999 Pension Research Council of the Wharton School of the University of Pennsylvania. All rights reserved.


Support for this research was provided by the Cowles Foundation at Yale University (Geanakoplos), the Pension Research Council at the Wharton School (Mitchell), and Columbia Business School (Zeldes). This research is part of the NBER programs on Aging and Public Economics. The authors are grateful to Stephen Goss for supplying data used in the analysis, but absolve him and the Office of the Actuary from responsibility for opinions and any errors. We thank Julie Kozack for research assistance, and Stephen Goss, Dean Leimer, Robert Myers, and fellow members of the National Academy of Social Insurance Panel on Social Security Privatization for helpful comments.

Included in

Economics Commons



Date Posted: 26 February 2020