Wharton Pension Research Council Working Papers

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Working Papers from 2017

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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 Competence in Decision Making, Wandi Bruine de Bruin

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Advice in Defined Contribution Plans, Gordon L. Clark, Maurizio Fiaschetti, and Peter Tufano

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Worker Choices About Payouts in Public Pensions, 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 Exploitation: How Should the Financial Service Industry Respond?, Marguerite DeLiema and Martha Deevy

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Retirement and Cognitive Functioning: International Evidence, 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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Introduction: Financial Decision Making and Retirement Security in an Aging World, P. Brett Hammond, Olivia S. Mitchell, and Steve Utkus

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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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Choosing a Financial Advisor: When and How to Delegate?, 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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Financial Knowledge and 401(k) Investment Performance: A Case Study, Robert Clark, Olivia S. Mitchell, and Annamaria Lusardi

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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, 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

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The Changing Nature of Retirement, Julia Coronado

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

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

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

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

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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

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

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Changing Frameworks for Retirement Security, Olivia S. Mitchell

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

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

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

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

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

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Retirement Plans and Prospects for Retirement Income Adequacy, Jack VanDerhei

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Cultivating Pension Plans, John M. Vine

Working Papers from 2013

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Evaluating Pension Insurance Pricing, David F. Babbel

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

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

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

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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

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

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Modeling and Management of Longevity Risk, Andrew JG Cairns

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

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

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

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Measuring and Explaining Pension System Risk, Frank J. Fabozzi

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

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

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Extreme Risks and the Retirement Anomaly, Tim Hodgson

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

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

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

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

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

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Stress Testing Monte Carlo Assumptions, Marlena Lee

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

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

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

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

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

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

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Recreating Retirement Sustainability, Olivia S. Mitchell and Raimond Maurer

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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

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

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

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

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

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

Working Papers from 2012

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

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

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

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

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