Wharton Pension Research Council Working Papers

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Working Papers from 2009

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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

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Uruguay: A Mixed Reform, Rodolfo Saldain

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A Decade of Government-Mandated Privately Run Pensions in Mexico: What Have We Learned?, Tapen Sinha and Maria de los Angeles Yañez

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The Efficiency of Pension Plan Investment Menus: Investment Choices in Defined Contribution Pension Plans, Ning Tang and Olivia S. Mitchell

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How Pension Rules Affect Work and Contribution Patterns: A Behavioral Model of the Chilean Privatized Pension System, Petra Todd and Viviana Vélez-Grajales

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Reforms to an Individual Account Pension System and their Effects on Work and Contribution Decisions: The Case of Chile, Viviana Vélez-Grajales

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Between Scylla and Charybdis: Improving the Cost Effectiveness of Public Pension Retirement Plans, M. Barton Waring

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Bounded Rationality in Latin-American Pension Reform, Kurt Weyland

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Public Pensions and State and Local Budgets: Can Contribution Rate Cyclicality Be Better Managed?, Parry Young

Working Papers from 2007

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The Age of Reason: Financial Decisions Over the Lifecycle, Sumit Agarwal, John C. Driscoll, Xavier Gabaix, and David Laibson

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Annuity Valuation, Long-term Care, and Bequest Motives, John Ameriks, Andrew Caplin, Steven Laufer, and Stijn Van Nieuwerburgh

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Managing Retirement Payouts: Positioning, Investing, and Spending Assets, John Ameriks and Olivia S. Mitchell

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Regulating Markets for Retirement Payouts: Solvency, Supervision, and Credibility, Phyllis C. Borzi and Martha Priddy Patterson

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Tax Issues and Life Care Annuities, David Brazell, Jason Brown, and Mark Warshawsky

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Is Retirement Being Remade? Developments in Labor Market Patterns at Older Ages, Sewin Chan and Ann Huff Stevens

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CEO Pensions: Disclosure, Managerial Power, and Optimal Contracting, Joseph Gerakos

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Retirement Distributions and the Bequest Motive, G. Victor Hallman

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Money in Motion: Dynamic Portfolio Choice in Retirement, Wolfram J. Horneff, Raimond H. Maurer, Olivia S. Mitchell, and Michael Z. Stamos

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Hidden Regret and Advantageous Selection in Insurance Markets, Rachel J. Huang, Alexander Muermann, and Larry Y. Tzeng

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A Tale of Two Pension Reforms: A US-Japan Comparison, Elmer Huh and Sarah McLellan

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Understanding Consumption in Retirement: Recent Developments, Erik Hurst

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Behavioral Obstacles to the Annuity Market, Wei-Yin Hu and Jason S. Scott

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Cost Structures of Investment Offerings in Singapore’s Central Provident Fund, Benedict S.K. Koh, Olivia S. Mitchell, and Joelle Fong

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Baby Boomer Retirement Security: The Roles of Planning, Financial Literacy, and Housing Wealth, Annamaria Lusardi and Olivia S. Mitchell

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Financial Literacy and Retirement Planning: New Evidence from the Rand American Life Panel, Annamaria Lusardi and Olivia S. Mitchell

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Financial Literacy and Retirement Preparedness: Evidence and Implications for Financial Education Programs, Annamaria Lusardi and Olivia S. Mitchell

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Planning and Financial Literacy: How Do Women Fare?, Annamaria Lusardi and Olivia S. Mitchell

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Optimal Life-Cycle Strategies in the Presence of Interest Rate and Inflation Risk, Raimond H. Maurer, Christian Schlag, and Michael Z. Stamos

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The Victory of Hope over Angst? Funding, Asset Allocation, and Risk-Taking in German Public Sector Pension Reform, Raimond Maurer, Olivia S. Mitchell, and Ralph Rogalla

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Asset Allocation within Variable Annuities: The Impact of Guarantees, Moshe A. Milevsky and Vladyslav Kyrychenko

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Learning from the Chilean Experience: The Determinants of Pension Switching, Olivia S. Mitchell, Petra Todd, and David Bravo

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Red, Yellow, and Green: A Taxonomy of 401(k) Portfolio Choices, Gary R. Mottola and Stephen P. Utkus

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Regret, Pride, and the Disposition Effect, Alexander Muermann and Jacqueline M. Volkman

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Reform of the Tax on Reversions of Excess Pension Assets, Gaobo Pang and Mark Warshawsky

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The Impact of Pension Freezes on Firm Value, Jordan Rubin

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Efficient Annuitization: Optimal Strategies for Hedging Mortality Risk, Jason S. Scott, John G. Watson, and Wei-Yin Hu

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Efficient Retirement Financial Strategies, William F. Sharpe, Jason S. Scott, and John G. Watson

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Net Worth and Housing Equity in Retirement, Todd Sinai and Nicholas Souleles

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The Impact of Health Status and Out-of-Pocket Medical Expenditures on Annuity Valuation, Cassio M. Turra and Olivia S. Mitchell

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The New Pension Law and Defined Benefit Plans: A Surprisingly Good Match, Mark J. Warshawsky

Working Papers from 2006

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The Chilean Pension Reform Turns 25: Lessons from the Social Protection Survey, Alberto Arenas de Mesa, David Bravo, Jere R. Behrman, Olivia S. Mitchell, and Petra E. Todd

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The Importance of Default Options for Retirement Saving Outcomes: Evidence from the United States, John Beshears, James J. Choi, David Laibson, and Brigitte C. Madrian

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Understanding Baby Boomers’ Retirement Prospects, Barbara Butrica, Howard M. Iams, and Karen E. Smith

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$100 Bills on the Sidewalk: Suboptimal Saving in 401(k) Plans, James J. Choi, David Laibson, and Brigitte C. Madrian

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Reducing the Complexity Costs of 401(k) Participation Through Quick Enrollment™, James J. Choi, David Laibson, and Brigitte C. Madrian

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Retiring on the House? Cross-Cohort Differences in Housing Wealth, Julia L. Coronado, Dean Maki, and Ben Weitzer

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Transitioning To Retirement: How Will Boomers Fare?, Pension Research Council

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Measuring Pension Wealth, Chris Cunningham, Gary V. Engelhardt, and Anil Kumar

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The Impact of Pensions on Nonpension Investment Choices, Leora Friedberg and Anthony Webb

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The Sufficiency of Retirement Savings: Comparing Cohorts at the Time of Retirement, Robert Haveman, Karen Holden, Barbara Wolfe, and Andrei Romanov

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Optimizing the Retirement Portfolio: Asset Allocation, Annuitization, and Risk Aversion, Wolfram J. Horneff, Raimond Maurer, Olivia S. Mitchell, and Ivica Dus

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Trends in Pension Values Around Retirement, Michael D. Hurd and Susann Rohwedder

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Pension Portfolio Choice and Menu Exposure, Anders Karlsson, Massimo Massa, and Andrei Simonov

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Overview: Lessons from Pension Reform in the Americas, Stephen J. Kay and Tapen Sinha

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Developments in Mandatory Defined Contribution Plans: Investment Patterns in Singapore’s Central Provident Fund System, Benedict S.K. Koh, Olivia S. Mitchell, and Toto Tanuwidjaja

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Health Insurance Patterns Nearing Retirement, Helen G. Levy

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Saving Between Cohorts: The Role of Planning, Annamaria Lusardi and Jason Beeler

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Cohort Differences in Retirement Expectations and Realizations, Nicole Maestas

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Baby Boomers vs Their Parents: Economic Well-being and Health Status, Joyce Manchester, David Weaver, and Kevin Whitman

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Will Boomers Redefine Retirement?, Olivia S. Mitchell

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The Inattentive Participant: Portfolio Trading Behavior in 401(k) Plans, Olivia S. Mitchell, Gary R. Mottola, Stephen P. Utkus, and Takeshi Yamaguchi

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Social Security Replacement Rates For Alternative Earnings Benchmarks, Olivia S. Mitchell and John W.R. Phillips

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Financial Innovation for an Aging World, Olivia S. Mitchell, John Piggott, Michael Sherris, and Shaun Yow