Wharton Pension Research Council Working Papers

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Working Papers from 2006

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Reducing the Complexity Costs of 401(k) Participation Through Quick Enrollment TM, 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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Lessons from Pension Reform in the Americas, Pension Research Council

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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. Englehardt, and Anil Kumar

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The Impact of Pensions on Non-Pension 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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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 Coverage of the Near-Elderly, Helen Levy

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

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Financial Literacy and Planning: Implications for Retirement Wellbeing, Annamaria Lusardi and Olivia S. Mitchell

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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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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

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Cross-Cohort Differences in Health on the Verge of Retirement, Beth J. Soldo, Olivia S. Mitchell, Rania Tfaily, and John F. McCabe

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Are Baby Boomers Living Well Longer?, David R. Weir

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Winners and Losers: 401(k) Trading and Portfolio Performance, Takeshi Yamaguchi, Olivia S. Mitchell, Gary R. Mottola, and Stephen P. Utkus

Working Papers from 2005

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Understanding and Allocating Investment Risks in a Hybrid Pension Plan, Peter Albrecht, Joachim Coche, Raimond Maurer, and Ralph Rogalla

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Regret, Portfolio Choice, and Guarantees in Defined Contribution Schemes, Alexander Alexander Muermann, Olivia S. Mitchell, and Jacqueline M. Volkman

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Who Bears What Risk? An Intergenerational Perspective, Henning Bohn

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Changing Risks Confronting Pension Participants, Phyllis C. Borzi

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The Influence of PBGC Insurance on Pension Fund Finances, Julia L. Coronado and J. Nellie Liang

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Restructuring the Defined Benefit Pension, P. Brett Hammond and Douglas Fore

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The Role of 401(k) Accumulations in Providing Future Retirement Income, Sarah Holden and Jack VanDerhei

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Strategic Asset Allocation in Japan: An Empirical Evaluation, Tokuo Iwaisako, Olivia S. Mitchell, and John Piggott

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The UK Approach to Insuring Defined Benefit Pension Plans, David McCarthy and Anthony Neuberger

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Dimensions of 401(k) Plan Design, Olivia S. Mitchell, Stephen P. Utkus, and Tongxuan (Stella) Yang

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Turning Workers into Savers? Incentives, Liquidity, and Choice in 401(k) Plan Design, Olivia S. Mitchell, Stephen P. Utkus, and Tongxuan (Stella) Yang

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The Importance of Financial Communication for Participation Rates and Contribution Levels in 401(k) Plans, Steven A. Nyce

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Sex Mortality Differentials in the United States: The Role of Cohort Smoking Patterns, Samuel H. Preston and Haidong Wong

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Market Innovations to Better Allocate Generational Risk, Salvador Valdes-Prieto

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Risk-Sharing in Retiree Medical Benefits, George Wagoner, Anna Rappaport, Brian Fuller, and Frank Yeager

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A Regulatory Framework for Strengthening Defined Benefit Pensions, Mark J. Warshawsky, Neal McCall, and John D. Worth

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Understanding the Defined Benefit versus Defined Contribution Choice, Tongxuan (Stella) Yang

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Public Pension Governance, Funding, and Performance: A Longitudinal Appraisal, Tongxuan (Stella) Yang and Olivia S. Mitchell

Working Papers from 2004

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Work and Retirement Plans Among Older Americans, Katharine G. Abraham and Susan N. Houseman

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Why Pension Fund Management Needs a Paradigm Shift, Keith Ambachtsheer

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Profitable Prudence: The Case for Public Employer Defined Benefit Plans, Gary W. Anderson and Keith Brainard

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Educating Pension Plan Participants, William J. Arnone

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Modeling Lifetime Earnings Paths: Hypothetical Versus Actual Workers, Andrew Au, Olivia S. Mitchell, and John W.R. Phillips

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The Case Against Stock in Public Pension Funds, Lawrence N. Bader and Jeremy Gold

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Plan Design and 401(k) Savings Outcomes, James J. Choi, David Laibson, and Brigitte C. Madrian

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The Changing Retirement Paradigm, Robert L. Clark and Olivia S. Mitchell

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Betting on Death and Capital Markets in Retirement: A Shortfall Risk Analysis of Life Annuities versus Phased Withdrawal Plans, Ivica Dus, Raimond Maurer, and Olivia S. Mitchell

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Employee Stock Purchase Plans, Gary V. Englehardt and Brigitte C. Madrian

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Changes in Accounting Practices Will Drive Pension Paradigm Shifts, Douglas Fore

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Post-employment Benefits, Economics and Accounting: Moral Hazard and Frail Benefit Designs, Jeremy Gold

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Developments in Phased Retirement, Robert Hutchins and Kerry L. Papps

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Looking Backward, Looking Forward: Where is Pension Policy Headed?, James A. Klein

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The Future of Pension Plan Design, David McCarthy

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Corporate Pension Reform in Japan:Big Bang or Big Bust?, Sarah Ingmanson McLellan

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Strategies to Retain Older Workers, Janemarie Mulvey and Steven A. Nyce

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Death Spiral or Euthanasia? The Demise of Generous Group Health Insurance Coverage, Mark Pauly, Olivia S. Mitchell, and Peter Zeng

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Reality Testing for Pension Reform, Pamela Perun and C. Eugene Steuerle

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The Future of Pensions in Canada, Silvana Pozzebon

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Older Workers: Employment and Retirement Trends, Patrick Purcell

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The Future of Retirement in Sweden, Annika Sunden

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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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Risk Management and Pension Plan Choice in Japan, Masaharu Usuki

Working Papers from 2003

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How Do Retirees Go from Stock to Flow?, John Ameriks

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Employee Investment Decisions about Company Stock, James J. Choi, David Laibson, Brigitte C. Madrian, and Andrew Metrick

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Pension Plan Options: Preferences, Choices, and the Distribution of Benefits, Robert L. Clark

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Sex Differences, Financial Education, and Retirement Goals, Robert L. Clark, Madeleine B. d'Ambrosio, Ann A. McDermed, and Kshama Sawant

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Cash Balance Pension Plan Conversions and the New Economy, Julia Lynn Coronado and Phillip C. Copeland

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Risk Management for Global Aging: Perspectives on the Challenges Facing Industrialized Countries, Pension Research Council

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Perceptions of Mortality Risk: Implications for Annuities, Matthew Drinkwater and Eric T. Sondergeld

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Implications of Information and Social Interactions for Retirement Saving Decisions, Esther Duflo and Emmanuel Saez

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Promoting Work at Older Ages: The Role of Hybrid Pension Plans in an Aging Population, Richard W. Johnson and Eugene Steuerle

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Understanding Individual Account Guarantees, Marie-Eve Lachance and Olivia S. Mitchell

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Saving and the Effectiveness of Financial Education, Annamaria Lusardi

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“Money Attitudes” and Retirement Plan Design: One Size Does Not Fit All, Donna M. MacFarland, Carolyn D. Marconi, and Stephen P. Utkus

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Possible Implications of Mandating Choice in Corporate Defined Benefit Plans, Olivia S. Mitchell and Janemarie Mulvey

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Retirement Wealth and Lifetime Earnings Variability, Olivia S. Mitchell, John W.R. Phillips, Andrew Au, and David McCarthy

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Unlocking Housing Equity in Japan, Olivia S. Mitchell and John Piggott

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Lessons from Behavioral Finance for Retirement Plan Design, Olivia S. Mitchell and Stephen P. Utkus

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Annuities and Retirement Well-Being, Constantijn W.A. Panis

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Adult Learning Principles and Pension Participant Behavior, Victor Saliterman and Barry G. Sheckley

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A Symposium on Cash Balance Pensions: Background and Introduction, Sylvester J. Scheiber

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The Shift to Hybrid Pensions by U.S. Employers: An Empirical Analysis of Actual Plan Conversions, Sylvester J. Scheiber

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Retirement Security in a DC World: Using Behavioral Finance to Bridge the Expertise Gap, Jason Scott and Gregory Stein

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Motivating Retirement Planning: Problems and Solutions, Gary W. Selnow

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How Much Choice is Too Much?: Contributions to 401(k) Retirement Plans, Sheena Sethi-Iyengar, Gur Huberman, and Wei Jiang

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Crime and Early Retirement Among Older Americans, Dan Silverman and Olivia S. Mitchell

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Behavioral Portfolios: Hope for Riches and Protection from Poverty, Meir Statman

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Who’s Afraid of a Poor Old Age?: Risk Perception in Risk Management Decisions, Elke U. Weber

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Defined Benefit Pension Plan Liabilities and International Asset Allocation, Tongxuan (Stella) Yang

Working Papers from 2002

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An Analysis of Investment Advice to Retirement Plan Participants, Zvi Bodie

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Defined Contribution Pensions: Plan Rules, Participant Decisions, and the Path of Least Resistance, James J. Choi, David Laibson, Brigitte C. Madrian, and Andrew Metrick

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Securitized Risk Instruments as Alternative Pension Fund Investments, J. David Cummins and Christopher M. Lewis

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Credit Implications of the Payout Annuity Market, Arthur Fliegelman, Moshe Arye Milevsky, and Scott A. Robinson

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Hedging Segregated Fund Guarantees, Peter A. Forsyth, Kenneth R. Vetzal, and Heath A. Windcliff

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Risk Transfer in Public Pension Plans, Jeremy Gold

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Money-Back Guarantees in Individual Pension Accounts: Evidence from the German Pension Reform, Raimond Maurer and Christian Schlag

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International Adverse Selection in Life Insurance and Annuities, David McCarthy and Olivia S. Mitchell

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Personal Retirement Accounts and Social Security Reform, Olivia S. Mitchell