Wharton Pension Research Council Working Papers

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Working Papers from 2011

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

Working Papers from 2010

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

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

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

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

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Too Much Risk to Insure? The Australian (non-) Market for Annuities, Hazel Bateman and John Piggott

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Financial Literacy, Schooling, and Wealth Accumulation, Jere R. Behrman, Olivia S. Mitchell, Cindy K. Soo, and David Bravo

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Framing Effects and Expected Social Security Claiming Behavior, Jeffrey R. Brown, Arie Kapteyn, and Olivia S. Mitchell

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Payouts in Switzerland: Explaining Developments in Annuitization, Monika Bütler and Stefan Staubli

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Compulsory and Voluntary Annuity Markets in the United Kingdom, Edmund Cannon and Ian Tonks

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Pecuniary Mistakes? Payday Borrowing by Credit Union Members, Susan P. Carter, Paige M. Skiba, and Jeremy Tobacman

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Pension Plan Distributions: The Importance of Financial Literacy, Robert L. Clark, Melinda S. Morrill, and Steven G. Allen

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Improving Financial Literacy: The Role of Nonprofit Providers, J. Michael Collins

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How to Improve Financial Literacy: Some Successful Strategies, Diana Crossan

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Longevity Risk Management in Singapore’s National Pension System, Joelle HY Fong, Benedict SK Koh, and Olivia S. Mitchell

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Fees, Framing, and Financial Literacy in the Choice of Pension Manager, Justine Hastings, Olivia S. Mitchell, and Eric Chyn

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Bringing Financial Literacy and Education to Low- and Middle-Income Countries, Robert Holzmann

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Investor Knowledge and Experience with Investment Advisers and Broker-Dealers, Angela A. Hung, Noreen Clancy, and Jeff Dominitz

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The Private Life Annuity Market in Germany: Products and Money’s Worth Ratios, Barbara Kaschützke and Raimond Maurer

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Making Savers Winners: An Overview of Prize-Linked Saving Products, Melissa S. Kearney, Peter Tufano, Jonathan Guryan, and Erik Hurst

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What’s on the Menu? Included versus Excluded Investment Funds for Singapore’s Central Provident Fund Investors, Benedict SK Koh and Olivia S. Mitchell

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Collective Investments for Pension Saving: Lessons from Singapore’s Central Provident Fund Scheme, Benedict SK Koh, Olivia S. Mitchell, and Joelle HY Fong

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Financial Literacy and Planning: Implications for Retirement Well-Being, Annamaria Lusardi and Olivia S. Mitchell

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The Outlook for Financial Literacy, Annamaria Lusardi and Olivia S. Mitchell

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An Empirical Analysis of 401(k) Loan Defaults, Timothy (Jun) Lu, Olivia S. Mitchell, and Stephen P. Utkus

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Annuities and their Derivatives: The Recent Canadian Experience, Moshe A. Milevsky and Ling-wu Shao

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Implications of the Financial Crisis for Long Run Retirement Security, Olivia S. Mitchell

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Turning Wealth into Lifetime Income: The Challenge Ahead, Olivia S. Mitchell and John Piggott

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The Swedish Annuity Market: Where It Is and Where It’s Headed, Edward Palmer and Bo Larsson

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Health Cost Risk and Optimal Retirement Provision: A Simple Rule for Annuity Demand, Kim Peijnenburg, Theo Nijman, and Bas JM Werker

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Low Life Expectancy in the United States: Is the Health Care System at Fault?, Samuel HY Preston and Jessica Y. Ho

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Pension Payouts in Chile: Past, Present, and Future Prospects, Jose Ruiz and Olivia S. Mitchell

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Annuity Markets in Japan, Junichi Sakamoto

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Optimal Portfolio Choice over the Life Cycle with Social Security, Kent A. Smetters and Ying Chen

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Ricardian Equivalence Under Asymmetric Information, Kent A. Smetters and Shinici Nishiyama

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A Matter Of Trust: Understanding Worldwide Public Pension Conversions, Kent A. Smetters and Walter Theseira

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Rating Retirement Advice: A Critical Assessment of Retirement Planning Software, John A. Turner

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Why Don’t People Annuitize? The Role of Advice Provided by Retirement Planning Software, John A. Turner

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Financial Literacy and 401(k) Loans, Stephen P. Utkus and Jean A. Young

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The United States Longevity Insurance Market, Anthony Webb

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Financial Illiteracy and Stock Market Participation: Evidence from the RAND American Life Panel, Joanne Yoong

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Time Perception and Retirement Saving: Lessons from Behavioral Decision Research, Gal Zauberman and B. Kyu Kim

Working Papers from 2009

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Comparing Spending Approaches in Retirement, John Ameriks, Michael Hess, and Liqian Ren

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Outsourcing Pension Longevity Protection, Igor Balevich

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Can VEBAs Alleviate Retiree Health Care Problems?, Aaron Bernstein

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Can 401(k) Plans Provide Adequate Retirement Resources?, Peter J. Brady

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Extending Life Cycle Models of Optimal Portfolio Choice: Integrating Flexible Work, Endogenous Retirement, and Investment Decisions with Lifetime Payouts, Jingjing Chai, Wolfram J. Horneff, Raimond Maurer, and Olivia S. Mitchell

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The Evolution of Retirement Risk Management, Robert L. Clark and Olivia S. Mitchell

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Improving Workers’ Financial Literacy: A Symposium Summary, Robert L. Clark and Melinda S. Morrill

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Employer-Provided Retirement Planning Programs, Robert L. Clark, Melinda S. Morrill, and Steven G. Allen

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The Declining Role of Private Defined Benefit Pension Plans: Who is Affected, and How, Craig Copeland and Jack VanDerhei

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Longevity Risk and Annuities in Singapore, Joelle HY Fong, Olivia S. Mitchell, and Benedict SK Koh

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Risk Budgeting for the Canadian Pension Plan Investment Board, Sterling Gunn and Tracy Livingstone

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Retirement Saving Adequacy and Individual Investment Risk Management Using the Asset/Salary Ratio, P. Brett Hammond and David P. Richardson

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Constructing New Retirement Systems: Choosing between Insurance and Investment, Choice and Default, Emily K. Kessler

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Financial Literacy among the Young: Evidence and Implications for Consumer Policy, Annamaria Lusardi, Olivia S. Mitchell, and Vilsa Curto

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Financial Literacy and Financial Sophistication Among Older Americans, Annamaria Lusardi, Olivia S. Mitchell, and Vilsa Curto

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The Effect of Uncertain Labor Income and Social Security on Life-cycle Portfolios, Raimond Maurer, Olivia S. Mitchell, and Ralph Rogalla

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Default, Framing and Spillover Effects: The Case of Lifecycle Funds in 401(k) Plans, Olivia S. Mitchell, Gary R. Mottola, Stephen P. Utkus, and Takeshi Yamaguchi

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Labor Market Uncertainty and Pension System Performance, Olivia S. Mitchell and John A. Turner

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Impact of the Pension Protection Act on Financial Advice: What Works and What Remains to be Done?, Lynn Pettus and R. Hall Kesmodel Jr.

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How Does Retirement Planning Software Handle Postretirement Realities?, Anna M. Rappaport and John A. Turner

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What Makes a Better Annuity?, Jason S. Scott, John G. Watson, and Wei-Yin Hu

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Rebuilding Workers’ Retirement Security: A Labor Perspective on Private Pension Reform, Damon Silvers

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The Efficiency of Sponsor and Participant Portfolio Choices in 401(k) Plans, Ning Tang, Olivia S. Mitchell, Gary R. Mottola, and Stephen P. Utkus

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Portfolio Choice in Retirement: Health Risk and the Demand for Annuities, Housing, and Risky Assets, Motohiro Yogo

Working Papers from 2008

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The New Intersection on the Road to Retirement: Public Pensions, Economics, Perceptions, Politics, and Interest Groups, Beth Almeida, Kelly Kenneally, and David Madland

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Pension Fund Activism: The Double-Edged Sword, Brad M. Barber

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Redefining Traditional Plans: Variations and Developments in Public Employee Retirement Plan Design, Keith Brainard

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Reforms to Canadian Social Security, 1996-7, Robert L. Brown

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The Peruvian Pension Reform: Ailing or Failing?, Eliana Carranza and Eduardo Morón

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The Evolution of Public Sector Pension Plans in the United States, Robert L. Clark, Lee A. Craig, and Neveen Ahmed

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Perspectives from the President's Commission on Social Security Reform, John F. Cogan and Olivia S. Mitchell

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Footnotes Aren’t Enough: The Impact of Pension Accounting on Stock Values, Julia Coronado, Steven A. Sharpe, Olivia S. Mitchell, and S. Blake Nesbitt

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Defined Contribution Pension Plans in the Public Sector: A Benchmark Analysis, Roderick B. Crane, Michael Heller, and Paul J. Yakoboski

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Pension Reform and Gender Inequality, Michelle Dion

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Reforming Social Security with Progressive Personal Accounts, John Geanakoplos and Stephen P. Zeldes

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The Case for Marking Public Plan Liabilities to Market, Jeremy Gold and Gordon Latter

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The Role of Individual Retirement Accounts in US Retirement Planning, Sarah Holden and Brian Reid

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Asset Allocation and Location over the Life Cycle with Survival-Contingent Payouts, Wolfram J. Horneff, Raimond H. Maurer, Olivia S. Mitchell, and Michael Z. Stamos

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Administrative Costs of State Defined Benefit and Defined Contribution Systems, Edwin Hustead

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Thinking About Funding Federal Retirement Plans, Toni Hustead

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The Gender Impact of Social Security Reform in Latin America, Estelle James, Alejandra Cox Edwards, and Rebeca Wong

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Reflections on Pension Reform in the Americas: From 'Averting the Old-Age Crisis' to 'Keeping the Promise of Old-Age Security' and Beyond, Estelle James, Truman Packard, and Robert Holzmann

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Rethinking Social Security Claiming in a 401(k) World, James I. Mahaney and Peter C. Carlson

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Costa Rica's Pension Reform: A Decade of Negotiated Incremental Change, Juliana Martínez Franzoni

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Pensions in Brazil: Reaching the Limits of Parametric Reform in Latin America, Milko Matijascic and Stephen J. Kay

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Managing Contribution and Capital Market Risk in a Funded Public Defined Benefit Plan: Impact of CVaR Cost Constraints, Raimond Maurer, Olivia S. Mitchell, and Ralph Rogalla

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Reforming the German Civil Servant Pension Plan, Raimond Maurer, Olivia S. Mitchell, and Ralph Rogalla

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Benefit Cost Comparisons Between State and Local Governments and Private Industry Employers, Ken McDonnell

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Estimating State and Local Government Pension and Retiree Health Care Liabilities, Stephen T. McElhaney

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Epilogue: The Future of Retirement Systems in the Americas, Olivia S. Mitchell

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The Future of Public Employee Retirement Systems, Olivia S. Mitchell

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The Dynamics of Lifecycle Investing in 401(k) Plans, Olivia S. Mitchell, Gary R. Mottola, Stephen P. Utkus, and Takeshi Yamaguchi

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Managing Public Investment Funds: Best Practices and New Challenges, Olivia S. Mitchell, John Piggott, and Cagri Kumru

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Optimizing the Equity-Bond-Annuity Portfolio in Retirement: The Impact of Uncertain Health Expenses, Gaobo Pang and Mark Warshawsky

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The Retirement Decision: Current Influences on the Timing of Retirement among Older Workers, Gaobo Pang, Mark Warshawsky, and Ben Weitzer

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The Outlook for Canada’s Public Sector Employee Pensions, Silvana Pozzebon

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The Pension System in Argentina, Rafael Rofman

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Unifying Pension Schemes in Japan: Toward a Single Scheme for Both Civil Servants and Private Employees, Junichi Sakamoto