Wharton Pension Research Council Working Papers

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Working Papers from 2008

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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

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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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Understanding the Uncertainties of Retirement, David Blitzstein, Olivia S. Mitchell, and Stephen Utkus

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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 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 Valdés-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. Engelhardt 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