Wharton Pension Research Council Working Papers

Follow


Working Papers from 2014

PDF

Financial Knowledge and 401(k) Investment Performance, Robert Clark, Olivia S. Mitchell, and Annamaria Lusardi

PDF

Financial Knowledge and 401(k) Investment Performance, Robert Clark, Olivia S. Mitchell, and Annamaria Lusardi

PDF

The Changing Nature of Retirement, Julia Coronado

PDF

Retirement Shares Plan: A New Model of Risk Sharing, Donald P. Fuerst

PDF

Back to the Future: Hybrid Co-operative Pensions and the TIAA-CREF System, Benjamin Goodman and David P. Richardson

PDF

Singapore’s Social Security Savings System: A Review and Some Lessons for the United States, Benedict SK Koh

PDF

What’s Next for VEBAs? The Impact of Declining Employer-Provided Health Care Coverage and the Affordable Care Act, Erin S. Leighty

PDF

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

PDF

Will They Take the Money and Work? An Empirical Analysis of People’s Willingness to Delay Claiming Social Security Benefits for a Lump Sum, Raimond Maurer, Olivia S. Mitchell, Ralph Rogalla, and Tatjana Schimetschek

PDF

Accounting and Actuarial Smoothing of Retirement Payouts in Participating Life Annuities, Raimond Maurer, Olivia S. Mitchell, Ralph Rogalla, and Ivonne Siegelin

PDF

Changing Frameworks for Retirement Security, Olivia S. Mitchell

PDF

Are Retirees Falling Short? Reconciling the Conflicting Evidence, Alicia H. Munnell, Matthew S. Rutledge, and Anthony Webb

PDF

Risk-sharing Alternatives for Pension Plan Design: An Overview and Case Studies, Anna M. Rappaport and Andrew Peterson

PDF

Optimal Portfolio Choice in Retirement with Participating Life Annuities, Ralph Rogalla

PDF

The Portfolio Pension Plan: An Alternative Model for Retirement Security, Richard C. Shea, Robert S. Newman, and Jonathan P. Goldberg

PDF

Entitlement Reform and the Future of Pensions, Eugene C. Steuerle, Benjamin H. Harris, and Pamela J. Perun

PDF

Retirement Plans and Prospects for Retirement Income Adequacy, Jack VanDerhei

PDF

Cultivating Pension Plans, John M. Vine

Working Papers from 2013

PDF

Evaluating Pension Insurance Pricing, David F. Babbel

Link

The Funding Debate: Optimizing Pension Risk within a Corporate Risk Budget, Geoff Bauer, Gordon Fletcher, Julien Halfon, and Stacy Scapino

Link

Managing Capital Market Risk for Retirement, Enrico Biffis and Robert Kosowski

PDF

Actuarial Perspectives on Defined Benefit Pension Risk – Modeling Emerging Issues, Christopher M. Bone

PDF

Complexity as a Barrier to Annuitization: Do Consumers Know How to Value Annuities?, Jeffrey R. Brown, Arie Kapteyn, Erzo FP Luttmer, and Olivia S. Mitchell

PDF

Framing the Social Security Earnings Test, Jeffrey R. Brown, Arie Kapteyn, Teryn Mattox, and Olivia S. Mitchell

Link

Modeling and Management of Longevity Risk, Andrew JG Cairns

PDF

Modeling Risk-based Pension Insurance Premiums, Martin G. Clarke

Link

Longevity Risk Management, Corporate Finance, and Sustainable Pensions, Guy Coughlan

Link

Evolving Roles for Pension Regulations: Toward Better Risk Control?, E. Philip Davis

PDF

Measuring and Explaining Pension System Risk, Frank J. Fabrozzi

PDF

Observations on Actuarial Assumptions and Models for Defined Benefit Pension Plans, Donald E. Fuerst

PDF

Financial Market Assumptions & Models for Pension Plans: A Technical Comment on the PIMS Model Assumptions for Asset Markets, Christopher C. Geczy

Link

Extreme Risks and the Retirement Anomaly, Tim Hodgson

PDF

Optimal Life Cycle Portfolio Choice with Variable Annuities Offering Liquidity and Investment Downside Protection, Vanya Horneff, Olivia S. Mitchell, Raimond Maurer, and Ralph Rogalla

PDF

How Family Status and Social Security Claiming Options Shape Optimal Life Cycle Portfolios, Andreas Hubener, Raimond Maurer, and Olivia S. Mitchell

Link

Risk Budgeting and Longevity Insurance: Strategies for Sustainable Defined Benefit Pension Funds, Amy Kessler

PDF

Contagious Runs in Money Market Funds and the Impact of a Government Guarantee, Hugh Hoikwang Kim

PDF

Time is Money: Life Cycle Rational Inertia and Delegation of Investment Management, Hugh Hoikwang Kim, Raimond Maurer, and Olivia S. Mitchell

Link

Stress Testing Monte Carlo Assumptions, Marlena Lee

PDF

Joint Risk of DB Pension Underfunding and Sponsor Termination: Incorporating Options-Based Projections and Valuations into PIMS, Deborah Lucas

Link

Developments in European Pension Regulation: Risks and Challenges, Stefan Lundbergh, Ruben Laros, and Laura Rebel

PDF

The Economic Importance of Financial Literacy: Theory and Evidence, Annamaria Lusardi and Olivia S. Mitchell

Link

The Securitization of Longevity Risk and its Implications for Retirement Security, Richard D. MacMinn, Patrick Brockett, Jennifer Wang, Yijia Lin, and Ruilin Tian

PDF

Integrated Risk Management for Defined Benefit Pensions: Models and Metrics, Raimond Maurer

PDF

Technical Review Panel for the PIMS Model: Final Report, Olivia S. Mitchell

Link

Recreating Retirement Sustainability, Olivia S. Mitchell and Raimond Maurer

PDF

Retirement in Japan and the United States: Cross-national Comparisons using the Japanese Study of Aging and Retirement (JSTAR) and the U.S. Health and Retirement Study (HRS), Olivia S. Mitchell and John WR Phillips

Link

Implications for Long-term Investors of the Shifting Distribution of Capital Market Returns, James Moore and Niels Pedersen

PDF

Economic and Financial Approaches to Valuing Pension Liabilities, Robert Novy-Marx

PDF

An Actuarial Perspective on Pension Plan Funding, Donald J. Segal

Link

Model Risk, Mortality Heterogeneity, and Implications for Solvency and Tail risk, Michael Sherris and Qiming Zhou

PDF

Dynamic Asset Allocation with Regime Shifts and Long Horizon CVaR-Constraints, Huy Thanh Vo and Raimond Maurer

Working Papers from 2012

PDF

Financial Literacy and Retirement Planning in Australia, Julie R. Agnew, Hazel Bateman, and Susan Thorp

Link

Regulating Financial Planners: Assessing the Current System and Some Alternatives, Jason Bromberg and Alicia Puente Cackley

PDF

Exchanging Delayed Social Security Benefits for Lump Sums:Could This Incentivize Longer Work Careers?, Jingjing Chai, Raimond Maurer, Olivia S. Mitchell, and Ralph Rogalla

Link

Financial Advice: Does it Make a Difference?, Michael Finke

PDF

Functional Disabilities and Nursing Home Admittance, Joelle H. Fong, Benedict SK Koh, and Olivia S. Mitchell

Link

How Financial Advisers and Defined Contribution Plan Providers Educate Clients and Participants about Social Security, Mathew Greenwald, Andrew Biggs, and Lisa Schneider

Link

How to Make the Market for Financial Advice Work, Andreas Hackenthal and Roman Inderst

Link

Explaining Risk to Clients: An Advisory Perspective, Paula H. Hogan and Rick Miller

Link

When, Why, and How Do Mutual Fund Investors Use Financial Advisers?, Sarah A. Holden

Link

The Role of Guidance in the Annuity Decision Making Process, Kelli Hueler and Anna Rappaport

Link

Asking For Help: Survey and Experimental Evidence on Financial Advice and Behavior Change, Angela A. Hung and Joanne K. Yoong

PDF

Semiparametric Bayesian Modeling of Income Volatility Heterogeneity, Shane T. Jensen and Stephen H. Shore

Link

The Evolution of Workplace Advice, Christopher L. Jones and Jason S. Scott

Link

Harmonizing the Regulation of Financial Advisers, Arthur B. Laby

PDF

Financial Sophistication in the Older Population, Annamaria Lusardi, Olivia S. Mitchell, and Vilsa Curto

PDF

Participating Payout Life Annuities: Lessons from Germany, Raimond Maurer, Ralph Rogalla, and Ivonne Siegelin

Link

The Market for Retirement Financial Advice: An Introduction, Olivia S. Mitchell and Kent Smetters

PDF

Target-Date Funds in 401(k) Retirement Plans, Olivia S. Mitchell and Stephen P. Utkus

Link

How Important Is Asset Allocation To Americans’ Financial Retirement Security?, Alicia Munnell, Natalia Orlova, and Anthony Webb

PDF

Health Expenditure Risk and Annuitization: Evidence from Medigap Coverage, Daniel W. Sacks

PDF

Identifying Idiosyncratic Career Taste and Skill with Income Risk, Stephen H. Shore, Daniel Barth, and Shane T. Jensen

PDF

Valuing Variable Annuities with Guaranteed Minimum Lifetime Withdrawal Benefits, Petra Steinorth and Olivia S. Mitchell

Link

The Market for Financial Advisers, John A. Turner and Dana M. Muir

Link

Evaluating the Impact of Financial Planners, Cathleen D. Zick and Robert N. Mayer

Working Papers from 2011

PDF

First-Round Impacts of the 2008 Chilean Pension System Reform, Jere R. Berhman, Maria Cecilia Calderon, Olivia S. Mitchell, Javiera Vasquez, and David Bravo

PDF

How Have Public Sector Pensions Responded to the Financial Crisis?, Andrew J. Biggs

PDF

Collective Pensions and the Global Financial Crisis: The Case of the Netherlands, Lans Bovenberg and Theo Nijman

PDF

Qualified Retirement Plans: Analysis of Distribution and Rollover Activity, Victoria L. Bryant, Sarah Holden, and John Sabelhaus

PDF

Potential Impacts of the Great Recession on Future Retirement Incomes, Barbara A. Butrica, Richard W. Johnson, and Karen E. Smith

PDF

Lifecycle Impacts of the Financial Crisis on Optimal Consumption-Portfolio Choice, and Labor Supply, Jingjing Chai, Raimond Maurer, Olivia S. Mitchell, and Ralph Rogalla

PDF

Adopting Hybrid Pension Plans: Effects of Economic Crisis and Regulatory Reform, Robert L. Clark, Alan Glickstein, and Tomeka Hill

PDF

Changing Retirement Behavior in the Wake of the Financial Crisis, Julia Coronado and Karen Dynan

PDF

Retirement Behavior and the Global Financial Crisis, Jason J. Fichtner, John WR Phillips, and Barbara A. Smith

PDF

Beyond Age and Sex: Enhancing Annuity Pricing, Joelle HY Fong

PDF

Effects of the Economic Crisis on the Older Population: How Expectations, Consumption, Bequests, and Retirement Responded to Market Shocks, Michael Hurd and Susann Rohwedder

PDF

Costly Portfolio Adjustment and the Delegation of Money Management, Hugh Hoikwang Kim

PDF

Americans’ Financial Capability, Annamaria Lusardi

PDF

Optimal Financial Literacy and Saving for Retirement, Annamaria Lusardi, Pierre-Carl Michaud, and Olivia S. Mitchell

PDF

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

PDF

Retirement Security and the Financial and Economic Crisis: An Overview, Raimond Maurer, Olivia S. Mitchell, and Mark Warshawsky

PDF

Multiemployer Pension Plans Respond to the Financial Crisis, Judith F. Mazo and Eli Greenblum

PDF

Public Pension Pressures in the United States, Olivia S. Mitchell

PDF

Trading in 401(k) Plans during the Financial Crisis, Ning Tang, Olivia S. Mitchell, and Stephen P. Utkus

PDF

Corporate Defined Benefit Pension Plans and the Financial Crisis: Impacts, and Sponsor and Government Reactions, Mark J. Warshawsky

PDF

A Stress Test for the Private Employer Defined Contribution System, David Wray

Working Papers from 2010

Link

Financial Counseling, Financial Literacy, and Household Decision Making, Sumit Agarwal, Gene Amromin, Izhak Ben-David, Souphala Chomsisengphet, and Douglas D. Evanoff

Link

Annuities, Financial Literacy and Information Overload, Julie Agnew and Lisa Szykman

PDF

The Impact of Shrouded Fees: Evidence from a Natural Experiment, Santosh Anagol and Hugh Kim

Link

Market Structure and Challenges for Annuities in India, Mukul G. Asher and Deepa Vasudevan