Working Papers from 2010
Annuities and their Derivatives: The Recent Canadian Experience, Moshe A. Milevsky and Ling-wu Shao
Implications of the Financial Crisis for Long Run Retirement Security, Olivia S. Mitchell
Turning Wealth into Lifetime Income: The Challenge Ahead, Olivia S. Mitchell and John Piggott
The Swedish Annuity Market: Where It Is and Where It’s Headed, Edward Palmer and Bo Larsson
Health Cost Risk and Optimal Retirement Provision: A Simple Rule for Annuity Demand, Kim Peijnenburg, Theo Nijman, and Bas JM Werker
Low Life Expectancy in the United States: Is the Health Care System at Fault?, Samuel HY Preston and Jessica Y. Ho
Pension Payouts in Chile: Past, Present, and Future Prospects, Jose Ruiz and Olivia S. Mitchell
Annuity Markets in Japan, Junichi Sakamoto
Optimal Portfolio Choice over the Life Cycle with Social Security, Kent A. Smetters and Ying Chen
Ricardian Equivalence Under Asymmetric Information, Kent A. Smetters and Shinici Nishiyama
A Matter Of Trust: Understanding Worldwide Public Pension Conversions, Kent A. Smetters and Walter Theseira
Rating Retirement Advice: A Critical Assessment of Retirement Planning Software, John A. Turner
Why Don’t People Annuitize? The Role of Advice Provided by Retirement Planning Software, John A. Turner
Financial Literacy and 401(k) Loans, Stephen P. Utkus and Jean A. Young
The United States Longevity Insurance Market, Anthony Webb
Financial Illiteracy and Stock Market Participation: Evidence from the RAND American Life Panel, Joanne Yoong
Time Perception and Retirement Saving: Lessons from Behavioral Decision Research, Gal Zauberman and B. Kyu Kim
Working Papers from 2009
Comparing Spending Approaches in Retirement, John Ameriks, Michael Hess, and Liqian Ren
Outsourcing Pension Longevity Protection, Igor Balevich
Can VEBAs Alleviate Retiree Health Care Problems?, Aaron Bernstein
Can 401(k) Plans Provide Adequate Retirement Resources?, Peter J. Brady
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
The Evolution of Retirement Risk Management, Robert L. Clark and Olivia S. Mitchell
Improving Workers’ Financial Literacy: A Symposium Summary, Robert L. Clark and Melinda S. Morrill
Employer-Provided Retirement Planning Programs, Robert L. Clark, Melinda S. Morrill, and Steven G. Allen
The Declining Role of Private Defined Benefit Pension Plans: Who is Affected, and How, Craig Copeland and Jack VanDerhei
Longevity Risk and Annuities in Singapore, Joelle HY Fong, Olivia S. Mitchell, and Benedict SK Koh
Risk Budgeting for the Canadian Pension Plan Investment Board, Sterling Gunn and Tracy Livingstone
Retirement Saving Adequacy and Individual Investment Risk Management Using the Asset/Salary Ratio, P. Brett Hammond and David P. Richardson
Constructing New Retirement Systems: Choosing between Insurance and Investment, Choice and Default, Emily K. Kessler
Financial Literacy among the Young: Evidence and Implications for Consumer Policy, Annamaria Lusardi, Olivia S. Mitchell, and Vilsa Curto
Financial Literacy and Financial Sophistication Among Older Americans, Annamaria Lusardi, Olivia S. Mitchell, and Vilsa Curto
The Effect of Uncertain Labor Income and Social Security on Life-cycle Portfolios, Raimond Maurer, Olivia S. Mitchell, and Ralph Rogalla
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
Labor Market Uncertainty and Pension System Performance, Olivia S. Mitchell and John A. Turner
Impact of the Pension Protection Act on Financial Advice: What Works and What Remains to be Done?, Lynn Pettus and R. Hall Kesmodel Jr.
How Does Retirement Planning Software Handle Postretirement Realities?, Anna M. Rappaport and John A. Turner
What Makes a Better Annuity?, Jason S. Scott, John G. Watson, and Wei-Yin Hu
Rebuilding Workers’ Retirement Security: A Labor Perspective on Private Pension Reform, Damon Silvers
The Efficiency of Sponsor and Participant Portfolio Choices in 401(k) Plans, Ning Tang, Olivia S. Mitchell, Gary R. Mottola, and Stephen P. Utkus
Portfolio Choice in Retirement: Health Risk and the Demand for Annuities, Housing, and Risky Assets, Motohiro Yogo
Working Papers from 2008
The New Intersection on the Road to Retirement: Public Pensions, Economics, Perceptions, Politics, and Interest Groups, Beth Almeida, Kelly Kenneally, and David Madland
Pension Fund Activism: The Double-Edged Sword, Brad M. Barber
Redefining Traditional Plans: Variations and Developments in Public Employee Retirement Plan Design, Keith Brainard
Reforms to Canadian Social Security, 1996-7, Robert L. Brown
The Peruvian Pension Reform: Ailing or Failing?, Eliana Carranza and Eduardo Morón
The Evolution of Public Sector Pension Plans in the United States, Robert L. Clark, Lee A. Craig, and Neveen Ahmed
Perspectives from the President's Commission on Social Security Reform, John F. Cogan and Olivia S. Mitchell
Footnotes Aren’t Enough: The Impact of Pension Accounting on Stock Values, Julia Coronado, Steven A. Sharpe, Olivia S. Mitchell, and S. Blake Nesbitt
Defined Contribution Pension Plans in the Public Sector: A Benchmark Analysis, Roderick B. Crane, Michael Heller, and Paul J. Yakoboski
Pension Reform and Gender Inequality, Michelle Dion
Reforming Social Security with Progressive Personal Accounts, John Geanakoplos and Stephen P. Zeldes
The Case for Marking Public Plan Liabilities to Market, Jeremy Gold and Gordon Latter
The Role of Individual Retirement Accounts in US Retirement Planning, Sarah Holden and Brian Reid
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
Administrative Costs of State Defined Benefit and Defined Contribution Systems, Edwin Hustead
Thinking About Funding Federal Retirement Plans, Toni Hustead
The Gender Impact of Social Security Reform in Latin America, Estelle James, Alejandra Cox Edwards, and Rebeca Wong
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
Rethinking Social Security Claiming in a 401(k) World, James I. Mahaney and Peter C. Carlson
Costa Rica's Pension Reform: A Decade of Negotiated Incremental Change, Juliana Martínez Franzoni
Pensions in Brazil: Reaching the Limits of Parametric Reform in Latin America, Milko Matijascic and Stephen J. Kay
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
Reforming the German Civil Servant Pension Plan, Raimond Maurer, Olivia S. Mitchell, and Ralph Rogalla
Benefit Cost Comparisons Between State and Local Governments and Private Industry Employers, Ken McDonnell
Estimating State and Local Government Pension and Retiree Health Care Liabilities, Stephen T. McElhaney
Epilogue: The Future of Retirement Systems in the Americas, Olivia S. Mitchell
The Future of Public Employee Retirement Systems, Olivia S. Mitchell
The Dynamics of Lifecycle Investing in 401(k) Plans, Olivia S. Mitchell, Gary R. Mottola, Stephen P. Utkus, and Takeshi Yamaguchi
Managing Public Investment Funds: Best Practices and New Challenges, Olivia S. Mitchell, John Piggott, and Cagri Kumru
Optimizing the Equity-Bond-Annuity Portfolio in Retirement: The Impact of Uncertain Health Expenses, Gaobo Pang and Mark Warshawsky
The Retirement Decision: Current Influences on the Timing of Retirement among Older Workers, Gaobo Pang, Mark Warshawsky, and Ben Weitzer
The Outlook for Canada’s Public Sector Employee Pensions, Silvana Pozzebon
The Pension System in Argentina, Rafael Rofman
Unifying Pension Schemes in Japan: Toward a Single Scheme for Both Civil Servants and Private Employees, Junichi Sakamoto
Uruguay: A Mixed Reform, Rodolfo Saldain
A Decade of Government-Mandated Privately Run Pensions in Mexico: What Have We Learned?, Tapen Sinha and Maria de los Angeles Yañez
The Efficiency of Pension Plan Investment Menus: Investment Choices in Defined Contribution Pension Plans, Ning Tang and Olivia S. Mitchell
How Pension Rules Affect Work and Contribution Patterns: A Behavioral Model of the Chilean Privatized Pension System, Petra Todd and Viviana Vélez-Grajales
Reforms to an Individual Account Pension System and their Effects on Work and Contribution Decisions: The Case of Chile, Viviana Vélez-Grajales
Between Scylla and Charybdis: Improving the Cost Effectiveness of Public Pension Retirement Plans, M. Barton Waring
Bounded Rationality in Latin-American Pension Reform, Kurt Weyland
Public Pensions and State and Local Budgets: Can Contribution Rate Cyclicality Be Better Managed?, Parry Young
Working Papers from 2007
The Age of Reason: Financial Decisions Over the Lifecycle, Sumit Agarwal, John C. Driscoll, Xavier Gabaix, and David Laibson
Annuity Valuation, Long-term Care, and Bequest Motives, John Ameriks, Andrew Caplin, Steven Laufer, and Stijn Van Nieuwerburgh
Managing Retirement Payouts: Positioning, Investing, and Spending Assets, John Ameriks and Olivia S. Mitchell
Regulating Markets for Retirement Payouts: Solvency, Supervision, and Credibility, Phyllis C. Borzi and Martha Priddy Patterson
Tax Issues and Life Care Annuities, David Brazell, Jason Brown, and Mark Warshawsky
Is Retirement Being Remade? Developments in Labor Market Patterns at Older Ages, Sewin Chan and Ann Huff Stevens
CEO Pensions: Disclosure, Managerial Power, and Optimal Contracting, Joseph Gerakos
Retirement Distributions and the Bequest Motive, G. Victor Hallman
Money in Motion: Dynamic Portfolio Choice in Retirement, Wolfram J. Horneff, Raimond H. Maurer, Olivia S. Mitchell, and Michael Z. Stamos
Hidden Regret and Advantageous Selection in Insurance Markets, Rachel J. Huang, Alexander Muermann, and Larry Y. Tzeng
A Tale of Two Pension Reforms: A US-Japan Comparison, Elmer Huh and Sarah McLellan
Understanding Consumption in Retirement: Recent Developments, Erik Hurst
Behavioral Obstacles to the Annuity Market, Wei-Yin Hu and Jason S. Scott
Cost Structures of Investment Offerings in Singapore’s Central Provident Fund, Benedict S.K. Koh, Olivia S. Mitchell, and Joelle Fong
Baby Boomer Retirement Security: The Roles of Planning, Financial Literacy, and Housing Wealth, Annamaria Lusardi and Olivia S. Mitchell
Financial Literacy and Retirement Planning: New Evidence from the Rand American Life Panel, Annamaria Lusardi and Olivia S. Mitchell
Financial Literacy and Retirement Preparedness: Evidence and Implications for Financial Education Programs, Annamaria Lusardi and Olivia S. Mitchell