Working Papers from 2013
The Funding Debate: Optimizing Pension Risk within a Corporate Risk Budget, Geoff Bauer, Gordon Fletcher, Julien Halfon, and Stacy Scapino
Managing Capital Market Risk for Retirement, Enrico Biffis and Robert Kosowski
Actuarial Perspectives on Defined Benefit Pension Risk – Modeling Emerging Issues, Christopher M. Bone
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
Framing the Social Security Earnings Test, Jeffrey R. Brown, Arie Kapteyn, Teryn Mattox, and Olivia S. Mitchell
Modeling and Management of Longevity Risk, Andrew JG Cairns
Modeling Risk-based Pension Insurance Premiums, Martin G. Clarke
Longevity Risk Management, Corporate Finance, and Sustainable Pensions, Guy Coughlan
Evolving Roles for Pension Regulations: Toward Better Risk Control?, E. Philip Davis
Measuring and Explaining Pension System Risk, Frank J. Fabozzi
Observations on Actuarial Assumptions and Models for Defined Benefit Pension Plans, Donald E. Fuerst
Financial Market Assumptions & Models for Pension Plans: A Technical Comment on the PIMS Model Assumptions for Asset Markets, Christopher C. Geczy
Extreme Risks and the Retirement Anomaly, Tim Hodgson
Optimal Life Cycle Portfolio Choice with Variable Annuities Offering Liquidity and Investment Downside Protection, Vanya Horneff, Olivia S. Mitchell, Raimond Maurer, and Ralph Rogalla
How Family Status and Social Security Claiming Options Shape Optimal Life Cycle Portfolios, Andreas Hubener, Raimond Maurer, and Olivia S. Mitchell
Risk Budgeting and Longevity Insurance: Strategies for Sustainable Defined Benefit Pension Funds, Amy Kessler
Contagious Runs in Money Market Funds and the Impact of a Government Guarantee, Hugh Hoikwang Kim
Time is Money: Life Cycle Rational Inertia and Delegation of Investment Management, Hugh Hoikwang Kim, Raimond Maurer, and Olivia S. Mitchell
Stress Testing Monte Carlo Assumptions, Marlena Lee
Joint Risk of DB Pension Underfunding and Sponsor Termination: Incorporating Options-Based Projections and Valuations into PIMS, Deborah Lucas
Developments in European Pension Regulation: Risks and Challenges, Stefan Lundbergh, Ruben Laros, and Laura Rebel
The Economic Importance of Financial Literacy: Theory and Evidence, Annamaria Lusardi and Olivia S. Mitchell
The Securitization of Longevity Risk and its Implications for Retirement Security, Richard D. MacMinn, Patrick Brockett, Jennifer Wang, Yijia Lin, and Ruilin Tian
Integrated Risk Management for Defined Benefit Pensions: Models and Metrics, Raimond Maurer
Technical Review Panel for the PIMS Model: Final Report, Olivia S. Mitchell
Recreating Retirement Sustainability, Olivia S. Mitchell and Raimond Maurer
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
Implications for Long-term Investors of the Shifting Distribution of Capital Market Returns, James Moore and Niels Pedersen
Economic and Financial Approaches to Valuing Pension Liabilities, Robert Novy-Marx
An Actuarial Perspective on Pension Plan Funding, Donald J. Segal
Model Risk, Mortality Heterogeneity, and Implications for Solvency and Tail risk, Michael Sherris and Qiming Zhou
Dynamic Asset Allocation with Regime Shifts and Long Horizon CVaR-Constraints, Huy Thanh Vo and Raimond Maurer
Working Papers from 2012
Financial Literacy and Retirement Planning in Australia, Julie R. Agnew, Hazel Bateman, and Susan Thorp
Regulating Financial Planners: Assessing the Current System and Some Alternatives, Jason Bromberg and Alicia P. Cackley
Exchanging Delayed Social Security Benefits for Lump Sums: Could This Incentivize Longer Work Careers?, Jingjing Chai, Raimond Maurer, Olivia S. Mitchell, and Ralph Rogalla
Financial Advice: Does it Make a Difference?, Michael Finke
Functional Disabilities and Nursing Home Admittance, Joelle H. Fong, Benedict SK Koh, and Olivia S. Mitchell
How Financial Advisers and Defined Contribution Plan Providers Educate Clients and Participants about Social Security, Mathew Greenwald, Andrew Biggs, and Lisa Schneider
How to Make the Market for Financial Advice Work, Andreas Hackenthal and Roman Inderst
Explaining Risk to Clients: An Advisory Perspective, Paula H. Hogan and Rick Miller
When, Why, and How Do Mutual Fund Investors Use Financial Advisers?, Sarah A. Holden
The Role of Guidance in the Annuity Decision-Making Process, Kelli Hueler and Anna Rappaport
Asking For Help: Survey and Experimental Evidence on Financial Advice and Behavior Change, Angela A. Hung and Joanne K. Yoong
Semiparametric Bayesian Modeling of Income Volatility Heterogeneity, Shane T. Jensen and Stephen H. Shore
The Evolution of Workplace Advice, Christopher L. Jones and Jason S. Scott
Harmonizing the Regulation of Financial Advisers, Arthur B. Laby
Financial Sophistication in the Older Population, Annamaria Lusardi, Olivia S. Mitchell, and Vilsa Curto
Participating Payout Life Annuities: Lessons from Germany, Raimond Maurer, Ralph Rogalla, and Ivonne Siegelin
The Market for Retirement Financial Advice: An Introduction, Olivia S. Mitchell and Kent Smetters
Target-Date Funds in 401(k) Retirement Plans, Olivia S. Mitchell and Stephen P. Utkus
How Important Is Asset Allocation To Americans’ Financial Retirement Security?, Alicia H. Munnell, Natalia Orlova, and Anthony Webb
Health Expenditure Risk and Annuitization: Evidence from Medigap Coverage, Daniel W. Sacks
Identifying Idiosyncratic Career Taste and Skill with Income Risk, Stephen H. Shore, Daniel Barth, and Shane T. Jensen
Valuing Variable Annuities with Guaranteed Minimum Lifetime Withdrawal Benefits, Petra Steinorth and Olivia S. Mitchell
The Market for Financial Advisers, John A. Turner and Dana M. Muir
Evaluating the Impact of Financial Planners, Cathleen D. Zick and Robert N. Mayer
Working Papers from 2011
First-Round Impacts of the 2008 Chilean Pension System Reform, Jere R. Berhman, Maria Cecilia Calderon, Olivia S. Mitchell, Javiera Vasquez, and David Bravo
How Have Public Sector Pensions Responded to the Financial Crisis?, Andrew J. Biggs
Collective Pensions and the Global Financial Crisis: The Case of the Netherlands, Lans Bovenberg and Theo Nijman
Qualified Retirement Plans: Analysis of Distribution and Rollover Activity, Victoria L. Bryant, Sarah Holden, and John Sabelhaus
Potential Impacts of the Great Recession on Future Retirement Incomes, Barbara A. Butrica, Richard W. Johnson, and Karen E. Smith
Life Cycle Impacts of the Financial Crisis on Optimal Consumption—Portfolio Choices and Labor Supply, Jingjing Chai, Raimond Maurer, Olivia S. Mitchell, and Ralph Rogalla
Adopting Hybrid Pension Plans: Effects of Economic Crisis and Regulatory Reform, Robert L. Clark, Alan Glickstein, and Tomeka Hill
Changing Retirement Behavior in the Wake of the Financial Crisis, Julia Coronado and Karen Dynan
Retirement Behavior and the Global Financial Crisis, Jason J. Fichtner, John WR Phillips, and Barbara A. Smith
Beyond Age and Sex: Enhancing Annuity Pricing, Joelle HY Fong
Effects of the Economic Crisis on the Older Population: How Expectations, Consumption, Bequests, and Retirement Responded to Market Shocks, Michael Hurd and Susann Rohwedder
Costly Portfolio Adjustment and the Delegation of Money Management, Hugh Hoikwang Kim
Americans’ Financial Capability, Annamaria Lusardi
Optimal Financial Literacy and Saving for Retirement, Annamaria Lusardi, Pierre-Carl Michaud, and Olivia S. Mitchell
Retirement Security and the Financial and Economic Crisis: An Overview, Raimond Maurer, Olivia S. Mitchell, and Mark Warshawsky
Multiemployer Pension Plans Respond to the Financial Crisis, Judith F. Mazo and Eli Greenblum
Public Pension Pressures in the United States, Olivia S. Mitchell
Trading in 401(k) Plans during the Financial Crisis, Ning Tang, Olivia S. Mitchell, and Stephen P. Utkus
Defined Benefit Pension Plans and the Financial Crisis: Impact and Sponsors and Government Reactions, Mark J. Warshawsky
A Stress Test for the Private Employer Defined Contribution System, David Wray
Working Papers from 2010
Financial Counseling, Financial Literacy, and Household Decision Making, Sumit Agarwal, Gene Amromin, Itzhak Ben-David, Souphala Chomsisengphet, and Douglas D. Evanoff
Annuities, Financial Literacy and Information Overload, Julie Agnew and Lisa Szykman
The Impact of Shrouded Fees: Evidence from a Natural Experiment, Santosh Anagol and Hugh Kim
Market Structure and Challenges for Annuities in India, Mukul G. Asher and Deepa Vasudevan
Too Much Risk to Insure? The Australian (non-) Market for Annuities, Hazel Bateman and John Piggott
Financial Literacy, Schooling, and Wealth Accumulation, Jere R. Behrman, Olivia S. Mitchell, Cindy K. Soo, and David Bravo
Framing Effects and Expected Social Security Claiming Behavior, Jeffrey R. Brown, Arie Kapteyn, and Olivia S. Mitchell
Payouts in Switzerland: Explaining Developments in Annuitization, Monika Bütler and Stefan Staubli
Compulsory and Voluntary Annuity Markets in the United Kingdom, Edmund Cannon and Ian Tonks
Pecuniary Mistakes? Payday Borrowing by Credit Union Members, Susan P. Carter, Paige M. Skiba, and Jeremy Tobacman
Pension Plan Distributions: The Importance of Financial Literacy, Robert L. Clark, Melinda S. Morrill, and Steven G. Allen
Improving Financial Literacy: The Role of Nonprofit Providers, J. Michael Collins
How to Improve Financial Literacy: Some Successful Strategies, Diana Crossan
Longevity Risk Management in Singapore’s National Pension System, Joelle HY Fong, Benedict SK Koh, and Olivia S. Mitchell
Fees, Framing, and Financial Literacy in the Choice of Pension Manager, Justine Hastings, Olivia S. Mitchell, and Eric Chyn
Bringing Financial Literacy and Education to Low- and Middle-Income Countries, Robert Holzmann
Investor Knowledge and Experience with Investment Advisers and Broker-Dealers, Angela A. Hung, Noreen Clancy, and Jeff Dominitz
The Private Life Annuity Market in Germany: Products and Money’s Worth Ratios, Barbara Kaschützke and Raimond Maurer
Making Savers Winners: An Overview of Prize-Linked Saving Products, Melissa S. Kearney, Peter Tufano, Jonathan Guryan, and Erik Hurst
What’s on the Menu? Included versus Excluded Investment Funds for Singapore’s Central Provident Fund Investors, Benedict SK Koh and Olivia S. Mitchell
Collective Investments for Pension Saving: Lessons from Singapore’s Central Provident Fund Scheme, Benedict SK Koh, Olivia S. Mitchell, and Joelle HY Fong
Financial Literacy and Planning: Implications for Retirement Well-Being, Annamaria Lusardi and Olivia S. Mitchell
The Outlook for Financial Literacy, Annamaria Lusardi and Olivia S. Mitchell
An Empirical Analysis of 401(k) Loan Defaults, Timothy (Jun) Lu, Olivia S. Mitchell, and Stephen P. Utkus