Working Papers

Pension Research Council Working Papers

2019

Retirement Preparedness and Financial Literacy in Singapore: How Do the Self-Employed Compare?
Benedict Koh and Olivia S. Mitchell
WP2019-1
Ambiguity Attitudes about Investments: Evidence from the Field
Kanin Anantanasuwong, Roy Kouwenberg, Olivia S. Mitchell, and Kim Peijnenburg
WP2019-2
Trust and Retirement Preparedness: Evidence from Singapore
Benedict Koh, Olivia S. Mitchell, and Joelle H. Fong
WP2019-3
Factors Affecting Temporal Discounting in Older Adults
Joseph W. Kable, Karolina Lempert, and David Wolk
WP2019-4
Behavioral Impediments to Valuing Annuities: Complexity and Choice Bracketing
Jeffrey R. Brown, Arie Kapteyn, Erzo F. P. Luttmer, Olivia S. Mitchell, and Anya Samek
WP2019-5
The Chinese Pension System
Hanming Fang and Jin Feng
WP2019-6

2013

Complexity as a Barrier to Annuitization: Do Consumers Know How to Value Annuities?
Jeffrey R. Brown, Arie Kapteyn, Erzo F. P. Luttmer, and Olivia S. Mitchell
WP2013-01
The Economic Importance of Financial Literacy: Theory and Evidence
Annamaria Lusardi and Olivia S. Mitchell
WP2013-02
Dynamic Asset Allocation with Regime Shifts and Long Horizon CVaR-Constraints
Huy Thanh Vo and Raimond Maurer
WP2013-03
Optimal Life Cycle Portfolio Choice with Variable Annuities Offering Liquidity and Investment Downside Protection
Vanya Horneff, Olivia S. Mitchell, Raimond Maurer, and Ralph Rogalla
WP2013-04
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 W. R. Phillips
WP2013-05
Framing the Social Security Earnings Test
Jeffrrey R. Brown, Arie Kapteyn, Olivia S. Mitchell, and Teryn Mattox
WP2013-06
Technical Review Panel for the PIMS Model: Final Report
Olivia S. Mitchell
WP2013-07
Financial Market Assumptions & Models for Pension Plans: A Technical Comment on the PIMS Model Assumptions for Asset Markets
Christopher C. Geczy
WP2013-08
Economic and Financial Approaches to Valuing Pension Liabilities
Robert Novy-Marx
WP2013-09
Integrated Risk Management for Defined Benefit Pensions: Models and Metrics
Raimond Maurer
WP2013-10
Observations on Actuarial Assumptions and Models for Defined Benefit Pension Plans
Donald E. Fuerst
WP2013-11
Actuarial Perspectives on Defined Benefit Pension Risk – Modeling Emerging Issues
Christopher M. Bone
WP2013-12
An Actuarial Perspective on Pension Plan Funding
Donald J. Segal
WP2013-13
Modeling Risk-based Pension Insurance Premiums
Martin G. Clarke
WP2013-14
Measuring and Explaining Pension System Risk
Frank J. Fabozzi
WP2013-15
Joint Risk of DB Pension Underfunding and Sponsor Termination: Incorporating Options-Based Projections and Valuations into PIMS
Deborah Lucas
WP2013-16
Evaluating Pension Insurance Pricing
David F. Babbel
WP2013-17
Recreating Retirement Sustainability
Olivia S. Mitchell and Raimond Maurer
Published in Recreating Sustainable Retirement: Resilience, Solvency, and Tail Risk
WP2013-18
Modeling and Management of Longevity Risk
Andrew J. G. Cairns
Published in Recreating Sustainable Retirement: Resilience, Solvency, and Tail Risk
WP2013-19
Longevity Risk Management, Corporate Finance, and Sustainable Pensions
Guy Coughlan
Published in Recreating Sustainable Retirement: Resilience, Solvency, and Tail Risk
WP2013-20
Model Risk, Mortality Heterogeneity, and Implications for Solvency and Tail Risk
Michael Sherris and Qiming Zhou
Published in Recreating Sustainable Retirement: Resilience, Solvency, and Tail Risk
WP2013-21
The Securitization of Longevity Risk and its Implications for Retirement Security
Richard D. MacMinn, Patrick Brockett, Jennifer Wang, Ruilin Tian, and Yijia Lin
Published in Recreating Sustainable Retirement: Resilience, Solvency, and Tail Risk
WP2013-22
Managing Capital Market Risk for Retirement
Enrico Biffis and Robert Kosowski
Published in Recreating Sustainable Retirement: Resilience, Solvency, and Tail Risk
WP2013-23
Implications for Long-term Investors of the Shifting Distribution of Capital Market Returns
James Moore and Niels Pedersen
Published in Recreating Sustainable Retirement: Resilience, Solvency, and Tail Risk
WP2013-24
Stress Testing Monte Carlo Assumptions
Marlena I. Lee
Published in Recreating Sustainable Retirement: Resilience, Solvency, and Tail Risk
WP2013-25
Evolving Roles for Pension Regulations: Toward Better Risk Control
E. Philip Davis
Published in Recreating Sustainable Retirement: Resilience, Solvency, and Tail Risk
WP2013-26
Developments in European Pension Regulation: Risks and Challenges
Stefan Lundberg, Ruben Laros, and Laura Rebel
Published in Recreating Sustainable Retirement: Resilience, Solvency, and Tail Risk
WP2013-27
Extreme Risks and the Retirement Anomaly
Tim Hodgson
Published in Recreating Sustainable Retirement: Resilience, Solvency, and Tail Risk
WP2013-28
Risk Budgeting and Longevity Insurance: Strategies for Sustainable Defined Benefit Pension Funds
Amy Kessler
Published in Recreating Sustainable Retirement: Resilience, Solvency, and Tail Risk
WP2013-29
The Funding Debate: Optimizing Pension Risk within a Corporate Risk Budget
Geoff Bauer, Gordon Fletcher, Julien Halfon, and Stacy Scapino
Published in Recreating Sustainable Retirement: Resilience, Solvency, and Tail Risk
WP2013-30
Contagious Runs in Money Market Funds and the Impact of a Government Guarantee
Hugh Hoikwang Kim
WP2013-31
How Family Status and Social Security Claiming Options Shape Optimal Life Cycle Portfolios
Andreas Hubener, Raimond Maurer, and Olivia S. Mitchell
WP2013-32
Time is Money: Life Cycle Rational Inertia and Delegation of Investment Management
Hugh H. Kim, Raimond Maurer, and Olivia S. Mitchell
WP2013-33

2012

Financial Sophistication in the Older Population
Annamaria Lusardi, Olivia S. Mitchell, and Vilsa Curto
WP2012-01
Target-Date Funds in 401(k) Retirement Plans
Olivia S. Mitchell and Stephen P. Utkus
WP2012-02
Participating Payout Life Annuities: Lessons from Germany
Raimond Maurer, Ralph Rogalla, and Ivonne Siegelin
WP2012-03
Valuing Variable Annuities with Guaranteed Minimum Lifetime Withdrawal Benefits
Petra Steinorth and Olivia S. Mitchell
WP2012-04
The Market for Retirement Financial Advice: An Introduction
Olivia S. Mitchell and Kent Smetters
Published in The Market for Retirement Financial Advice
WP2012-05
The Market for Financial Advisers
John A. Turner and Dana M. Muir
Published in The Market for Retirement Financial Advice
WP2012-06
Explaining Risk to Clients: An Advisory Perspective
Paula H. Hogan and Rick Miller
Published in The Market for Retirement Financial Advice
WP2012-07
How Financial Advisers and Defined Contribution Plan Providers Educate Clients and Participants about Social Security
Mathew Greenwald, Andrew Biggs, and Lisa Schneider
Published in The Market for Retirement Financial Advice
WP2012-08
How Important Is Asset Allocation To Americans’ Financial Retirement Security?
Alicia H. Munnell, Natalia Orlova, and Anthony Webb
Published in The Market for Retirement Financial Advice
WP2012-09
The Evolution of Workplace Advice
Christopher L. Jones and Jason S. Scott
Published in The Market for Retirement Financial Advice
WP2012-10
The Role of Guidance in the Annuity Decision Making Process
Kelli Hueler and Anna Rappaport
Published in The Market for Retirement Financial Advice
WP2012-11
Evaluating the Impact of Financial Planners
Cathleen D. Zick and Robert N. Mayer
Published in The Market for Retirement Financial Advice
WP2012-12
Asking for Help: Survey and Experimental Evidence on Financial Advice and Behavior Change
Angela A. Hung and Joanne K. Yoong
Published in The Market for Retirement Financial Advice
WP2012-13
How to Make the Market for Financial Advice Work
Andreas Hackethal and Roman Inderst
Published in The Market for Retirement Financial Advice
WP2012-14
Financial Advice: Does it Make a Difference?
Michael Finke
Published in The Market for Retirement Financial Advice
WP2012-15
When, Why, and How Do Mutual Fund Investors Use Financial Advisors?
Sarah A. Holden
Published in The Market for Retirement Financial Advice
WP2012-16
Harmonizing the Regulation of Financial Advisers
Arthur B. Laby
Published in The Market for Retirement Financial Advice
WP2012-17
Regulating Financial Planners: Assessing the Current System and Some Alternatives
Jason Bromberg and Alicia P. Cackley
Published in The Market for Retirement Financial Advice
WP2012-18
Functional Disabilities and Nursing Home Admittance
Joelle H. Fong, Benedict SK. Koh, and Olivia S. Mitchell
WP2012-19
Ambiguity Aversion and Household Portfolio Choice Puzzles: Empirical Evidence
Stephen G. Dimmock, Roy Kouwenberg, Olivia S. Mitchell, and Kim Peijnenburg
WP2012-20
Exchanging Delayed Social Security Benefits for Lump Sums: Could This Incentivize Longer Work Careers?
Jingjing Chai, Raimond Maurer, Olivia S. Mitchell, and Ralph Rogalla
WP2012-21
Financial Literacy and Retirement Planning in Australia
Julie R. Agnew, Hazel Bateman, and Susan Thorp
WP2012-22
Health Expenditure Risk and Annuitization: Evidence from Medigap Coverage
Daniel W. Sacks
WP2012-23
Functional Disabilities and Nursing Home Admittance
Joelle H. Fong, Benedict SK. Koh, and Olivia S. Mitchell
WP2012-24
Identifying Idiosyncratic Career Taste and Skill with Income Risk
Stephen H. Shore, Daniel Barth, and Shane T. Jensen
WP2012-25
Semiparametric Bayesian Modeling of Income Volatility Heterogeneity
Shane T. Jensen and Stephen H. Shore
WP2012-26

2011

Qualified Retirement Plans: Analysis of Distribution and Rollover Activity
Victoria L. Bryant, Sarah Holden, and John Sabelhaus
WP2011-01
Americans’ Financial Capability
Annamaria Lusardi
WP2011-02
First-Round Impacts of the 2008 Chilean Pension System Reform
Jere R. Behrman, Maria Cecilia Calderon, Olivia S. Mitchell, Javiera Vasquez, and David Bravo
WP2011-03
Costly Portfolio Adjustment and the Delegation of Money Management
Hugh Hoikwang Kim
WP2011-04
Beyond Age and Sex: Enhancing Annuity Pricing
Joelle HY. Fong
WP2011-05
Retirement Security and the Financial and Economic Crisis: An Overview
Raimond Maurer, Olivia S. Mitchell, and Mark Warshawsky
WP2011-06
Changing Retirement Behavior in the Wake of the Financial Crisis
Julia L. Coronado and Karen Dynan
WP2011-07
Potential Impacts of the Great Recession on Future Retirement Incomes
Barbara A. Butrica, Richard W. Johnson, and Karen E. Smith
WP2011-08
Effects of the Economic Crisis on the Older Population: How Expectations, Consumption, Bequests, and Retirement Responded to Market Shocks
Michael Hurd and Susann Rohwedder
WP2011-09
Retirement Behavior and the Global Financial Crisis
Jason J. Fichtner, John W.R. Phillips, and Barbara A. Smith
WP2011-10
Trading in 401(k) Plans during the Financial Crisis
Ning Tang, Olivia S. Mitchell, and Stephen P. Utkus
WP2011-11
Lifecycle Impacts of the Financial Crisis on Optimal Consumption-Portfolio Choice, and Labor Supply
Jingjing Chai, Raimond Maurer, Olivia S. Mitchell, and Ralph Rogalla
WP2011-12
A Stress Test for the Private Employer Defined Contribution System
David Wray
WP2011-13
Corporate Defined Benefit Pension Plans and the Financial Crisis: Impacts, and Sponsor and Government Reactions
Mark J. Warshawsky
WP2011-14
Multiemployer Pension Plans Respond to the Financial Crisis
Judith F. Mazo and Eli Greenblum
WP2011-15
Adopting Hybrid Pension Plans: Effects of Economic Crisis and Regulatory Reform
Robert L. Clark, Alan Glickstein, and Tomeka Hill
WP2011-16
Collective Pensions and the Global Financial Crisis: The Case of the Netherlands
Lans Bovenberg and Theo Nijman
WP2011-17
How Have Public Sector Pensions Responded to the Financial Crisis?
Andrew G. Biggs
WP2011-18
Social Interaction Effects and Individual Portfolio Choice: Evidence from 401(k) Pension Plan Investors
Timothy (Jun) Lu
WP2011-19
Optimal Financial Literacy and Saving for Retirement
Annamaria Lusardi, Pierre-Carl Michaud, and Olivia S. Mitchell
WP2011-20
Public Pension Pressures in the United States
Olivia S. Mitchell
WP2011-21

2010

Collective Investments for Pension Saving: Lessons from Singapore’s Central Provident Fund Scheme
Benedict S. Koh, Olivia S. Mitchell and Joelle HY. Fong
WP2010-01
Implications of the Financial Crisis for Long Run Retirement Security
Olivia S. Mitchell
WP2010-02
Rating Retirement Advice: A Critical Assessment of Retirement Planning Software
John A. Turner
WP2010-03
A Matter Of Trust: Understanding Worldwide Public Pension Conversions
Kent A. Smetters and Walter Theseira
WP2010-04
Ricardian Equivalence Under Asymmetric Information
Kent A. Smetters and Shinici Nishiyama
WP2010-05
Optimal Portfolio Choice over the Life Cycle with Social Security
Kent A. Smetters and Ying Chen
WP2010-06
Why Don’t People Annuitize? The Role of Advice Provided by Retirement Planning Software
John A. Turner
WP2010-07
Health Cost Risk and Optimal Retirement Provision: A Simple Rule for Annuity Demand
Kim Peijnenburg, Theo Nijman, and Bas J.M. Werker
WP2010-08
Fees, Framing, and Financial Literacy in the Choice of Pension Manager
Justine Hastings, Olivia S. Mitchell, and Eric Chyn
Published in Financial Literacy
WP2010-09
Longevity Risk Management in Singapore’s National Pension System
Joelle H.Y. Fong, Olivia S. Mitchell, and Benedict S. K. Koh
WP2010-10
Financial Literacy: Implications for Retirement Security and the Financial Marketplace
Pension Research Council
WP2010-11
What’s on the Menu? Included versus Excluded Investment Funds for Singapore’s Central Provident Fund Investors
Benedict S. K. Koh and Olivia S. Mitchell
WP2010-12
Turning Wealth into Lifetime Income: The Challenge Ahead
Olivia S. Mitchell and John Piggott
Published in Securing Lifelong Retirement Income
WP2010-13
The Swedish Annuity Market: Where It Is and Where It’s Headed
Edward Palmer and Bo Larsson
Published in Securing Lifelong Retirement Income
WP2010-14
Market Structure and Challenges for Annuities in India
Mukul G. Asher and Deepa Vasudevan
Published in Securing Lifelong Retirement Income
WP2010-15
Annuities and their Derivatives: The Recent Canadian Experience
Moshe A. Milevsky and Ling-wu Shao
Published in Securing Lifelong Retirement Income
WP2010-16
The United States Longevity Insurance Market
Anthony Webb
Published in Securing Lifelong Retirement Income
WP2010-17
Too Much Risk to Insure? The Australian (non-) Market for Annuities
Hazel Bateman and John Piggott
Published in Securing Lifelong Retirement Income
WP2010-18
Pension Payouts in Chile: Past, Present, and Future Prospects
Jose Ruiz and Olivia S. Mitchell
Published in Securing Lifelong Retirement Income
WP2010-19
The Private Life Annuity Market in Germany: Products and Money’s Worth Ratios
Barbara Kaschutzke and Raimond Maurer
Published in Securing Lifelong Retirement Income
WP2010-20
Annuity Markets in Japan
Junichi Sakamoto
Published in Securing Lifelong Retirement Income
WP2010-21
Compulsory and Voluntary Annuity Markets in the United Kingdom
Edmund Cannon and Ian Tonks
Published in Securing Lifelong Retirement Income
WP2010-22
Payouts in Switzerland: Explaining Developments in Annuitization
Monika Butler and Stefan Staubli
Published in Securing Lifelong Retirement Income
WP2010-23
Financial Literacy, Schooling, and Wealth Accumulation
Jere R. Behrman, Olivia S. Mitchell, Cindy Soo, and David Bravo
WP2010-24
The Outlook for Financial Literacy
Annamaria Lusardi and Olivia S. Mitchell
Published in Financial Literacy
WP2010-25
Implications for Retirement Wellbeing of Financial Literacy and Planning
Annamaria Lusardi and Olivia S. Mitchell
Published in Financial Literacy
WP2010-26
Pension Plan Distributions: The Importance of Financial Literacy
Robert L. Clark, Melinda S. Morrill, and Steven G. Allen
Published in Financial Literacy
WP2010-27
Financial Literacy and 401(k) Loans
Stephen P. Utkus and Jean A. Young
Published in Financial Literacy
WP2010-28
Financial Illiteracy and Stock Market Participation: Evidence from the RAND American Life Panel
Joanne Yoong
Published in Financial Literacy
WP2010-29
Fees, Framing, and Financial Literacy in the Choice of Pension Manager
Justine Hastings, Olivia S. Mitchell, and Eric Chyn
Published in Financial Literacy
WP2010-30
Investor Knowledge and Experience with Investment Advisers and Broker-Dealers
Angela A. Hung, Noreen Clancy, and Jeff Dominitz
Published in Financial Literacy
WP2010-31
Pecuniary Mistakes? Payday Borrowing by Credit Union Members
Susan P. Carter, Paige M. Skiba, Jeremy Tobacman
Published in Financial Literacy
WP2010-32
Annuities, Financial Literacy and Information Overload
Julie Agnew and Lisa Szykman
Published in Financial Literacy
WP2010-33
Financial Counseling, Financial Literacy, and Household Decision Making
Sumit Agarwal, Gene Amromin, Itzhak Ben-David, Souphala Chomsisengphet, and Douglas D. Evanoff
Published in Financial Literacy
WP2010-34
Time Perception and Retirement Saving: Lessons from Behavioral Decision Research
Gal Zauberman and B. Kyu Kim
Published in Financial Literacy
WP2010-35
Making Savers Winners: An Overview of Prize-Linked Saving Products
Melissa S. Kearney, Peter Tufano, Jonathan Guryan, and Erik Hurst
Published in Financial Literacy
WP2010-36
How to Improve Financial Literacy: Some Successful Strategies
Diana Crossan
Published in Financial Literacy
WP2010-37
Bringing Financial Literacy and Education to Low and Middle Income Countries
Robert Holzmann
Published in Financial Literacy
WP2010-38
Improving Financial Literacy: The Role of Nonprofit Providers
J. Michael Collins
Published in Financial Literacy
WP2010-39
An Empirical Analysis of 401(k) Loan Defaults
Timothy Lu, Olivia S. Mitchell, and Stephen P. Utkus
WP2010-40
Framing Effects and Expected Social Security Claiming Behavior
Jeffrey R. Brown, Arie Kapteyn, and Olivia S. Mitchell
WP2010-42
Low Life Expectancy in the United States: Is the Health Care System at Fault?
Samuel H. Preston and Jessica Y. Ho
WP2010-43
The Impact of Shrouded Fees: Evidence from a Natural Experiment*
Santosh Anagol and Hugh Kim
WP2010-44
What Do People Know About Social Security?
Mathew Greenwald, Arie Kapteyn, Olivia S. Mitchell, and Lisa Schneider
WP2010-45
Framing Effects and Expected Social Security Claiming Behavior
Jeffrey R. Brown, Arie Kapteyn, and Olivia S. Mitchell
WP2010-46

2009

Can 401(k) Plans Provide Adequate Retirement Resources?
Peter J. Brady
WP2009-01
Portfolio Choice in Retirement: Health Risk and the Demand for Annuities, Housing, and Risky Assets
Motohiro Yogo
WP2009-02
What Makes a Better Annuity?
Jason S. Scott, John G. Watson, and Wei-Yin Hu
WP2009-03
Extending Life Cycle Models of Optimal Portfolio Choice: Integrating Flexible Work, Endogenous Retirement, and Investment Decisions with Lifetime Payouts
Jingjing Chai, Wolfram Horneff, Raimond Maurer, and Olivia S. Mitchell
WP2009-04
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
WP2009-05
The Effect of Uncertain Labor Income and Social Security on Life-cycle Portfolios
Raimond Maurer, Olivia S. Mitchell, and Ralph Rogalla
Published in Reorienting Retirement Risk Management, pp. 106-121
WP2009-06
Pension Payouts in Chile: Past, Present, and Future Prospects
Olivia S. Mitchell and Jose Ruiz
WP2009-07
The Efficiency of Sponsor and Participant Portfolio Choices in 401(k) Plans
Ning Tang, Olivia S. Mitchell, Gary Mottola, and Steve Utkus
WP2009-08
Financial Literacy among the Young: Evidence and Implications for Consumer Policy
Annamaria Lusardi, Olivia S. Mitchell, and Vilsa Curto
WP2009-09
Constructing New Retirement Systems: Choosing between Insurance and Investment, Choice and Default
Emily Kessler
WP2009-10
Labor Market Uncertainty and Pension System Performance
Olivia S. Mitchell and John A. Turner
WP2009-11
The Evolution of Retirement Risk Management
Robert L. Clark and Olivia S. Mitchell
Published in Reorienting Retirement Risk Management, pp. 1-12
WP2009-12
Retirement Saving Adequacy and Individual Investment Risk Management Using the Asset/Salary Ratio
P. Brett Hammond and David P. Richardson
Published in Reorienting Retirement Risk Management, pp. 12-36
WP2009-13
Employer-Provided Retirement Planning Programs
Robert L. Clark, Melinda S. Morrill, and Steven G. Allen
Published in Reorienting Retirement Risk Management, pp. 36-64
WP2009-14
Impact of the Pension Protection Act on Financial Advice: What Works and What Remains to be Done?
Lynn Pettus and R. Hall Kesmodel, Jr.
Published in Reorienting Retirement Risk Management, pp. 86-105
WP2009-15
How Does Retirement Planning Software Handle Post-Retirement Realities?
Anna M. Rappaport and John A. Turner
Published in Reorienting Retirement Risk Management, pp. 65-85
WP2009-16
The Declining Role of Private Defined Benefit Pension Plans: Who is Affected, and How
Craig Copeland and Jack VanDerhei
Published in Reorienting Retirement Risk Management, pp. 122-136
WP2009-18
Rebuilding Workers’ Retirement Security: A Labor Perspective on Private Pension Reform
Damon Silvers
Published in Reorienting Retirement Risk Management, pp. 137-155
WP2009-19
Longevity Risk and Annuities in Singapore
Joelle H.Y. Fong, Olivia S. Mitchell, and Benedict S. K. Koh
Published in Reorienting Retirement Risk Management, pp. 156-177
WP2009-20
Outsourcing Pension Longevity Protection
Igor Balevich
Published in Reorienting Retirement Risk Management, pp. 178-197
WP2009-21
Comparing Spending Approaches in Retirement
John Ameriks, Michael Hess, and Liqian Ren
Published in Reorienting Retirement Risk Management, pp. 198-216
WP2009-22
Risk Budgeting for the Canadian Pension Plan Investment Board
Sterling Gunn and Tracy Livingstone
Published in Reorienting Retirement Risk Management, pp. 217-240
WP2009-23
Can VEBAs Alleviate Retiree Health Care Problems?
Aaron Bernstein
Published in Reorienting Retirement Risk Management, pp. 241-264
WP2009-24
Financial Literacy and Financial Sophistication Among Older Americans
Annamaria Lusardi, Olivia S. Mitchell, and Vilsa Curto
WP2009-25
Improving Workers’ Financial Literacy: A Symposium Summary
Robert L. Clark and Melinda S. Morrill
WP2009-26
Financial Literacy among the Young: Evidence and Implications for Consumer Policy
Annamaria Lusardi, Olivia S. Mitchell, and Vilsa Curto
WP2009-27

2008

Optimal Life-Cycle Strategies in the Presence of Interest Rate and Inflation Risk
Raimond H. Maurer, Christian Schlag and Michael Z. Stamos
WP2008-01
The Efficiency of Pension Plan Investment Menus: Investment Choices in Defined Contribution Pension Plans
Ning Tang and Olivia S. Mitchell
WP2008-02
Footnotes Aren’t Enough: The Impact of Pension Accounting on Stock Values
Julia Coronado, Olivia S. Mitchell, Steven A. Sharpe, and S. Blake Nesbitt
WP2008-03
The Retirement Decision: Current Influences on the Timing of Retirement among Older Workers
Gaobo Pang, Mark Warshawsky, and Ben Weitzer
WP2008-04
Optimizing the Equity-Bond-Annuity Portfolio in Retirement: The Impact of Uncertain Health Expenses
Gaobo Pang and Mark Warshawsky
WP2008-05
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
WP2008-06
Managing Public Investment Funds: Best Practices and New Challenges
Olivia S. Mitchell, John Piggott, and Cagri Kumru
WP2008-07
The Future of Public Employee Retirement Systems
Pension Research Council
WP2008-08
Reforming German Civil Servant Pensions: Funding Policy, Investment Strategy, and Intertemporal Risk Budgeting
Raimond Maurer, Olivia S. Mitchell, and Ralph Rogalla
Published in The Future of Public Employee Retirement Systems, pp. 115-142
WP2008-09
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
WP2008-10
Reforming Social Security with Progressive Personal Accounts
John Geanakoplos and Stephen P. Zeldes
WP2008-11
The New Intersection on the Road to Retirement: Public Pensions, Economics, Perceptions, Politics, and Interest Groups
Beth Almeida, Kelly Kenneally, and David Madland
Published in The Future of Public Employee Retirement Systems, pp. 294-326
WP2008-12
Pension Fund Activism: The Double-Edged Sword
Brad M. Barber
Published in The Future of Public Employee Retirement Systems, pp. 271-293
WP2008-13
Redefining Traditional Plans: Variations and Developments in Public Employee Retirement Plan Design
Keith Brainard
Published in The Future of Public Employee Retirement Systems, pp. 187-205
WP2008-14
Reforms to an Individual Account Pension System and their Effects on Work and Contribution Decisions: The Case of Chile
Viviana Velez-Grajales
WP2008-15
The Evolution of Public Sector Pension Plans in the United States
Robert L. Clark, Lee A. Craig, Neveen Ahmed
Published in The Future of Public Employee Retirement Systems, pp. 239-270
WP2008-16
Defined Contribution Pension Plans in the Public Sector: A Benchmark Analysis
Roderick B. Crane, Michael Heller and Paul J. Yakoboski
Published in The Future of Public Employee Retirement Systems, pp. 206-238
WP2008-17
Administrative Costs of State Defined Benefit and Defined Contribution Systems
Edwin Hustead
Published in The Future of Public Employee Retirement Systems, pp. 97-104
WP2008-18
Thinking About Funding Federal Retirement Plans
Toni Hustead
Published in The Future of Public Employee Retirement Systems, pp. 105-114
WP2008-19
The Case for Marking Public Plan Liabilities to Market
Jeremy Gold and Gordon Latter
Published in The Future of Public Employee Retirement Systems, pp. 29-57
WP2008-20
Benefit Cost Comparisons Between State and Local Governments and Private Industry Employers
Ken McDonnell
Published in The Future of Public Employee Retirement Systems, pp. 85-96
WP2008-21
Estimating State and Local Government Pension and Retiree Health Care Liabilities
Stephen T. McElhaney
Published in The Future of Public Employee Retirement Systems, pp. 19-28
WP2008-22
The Outlook for Canada’s Public Sector Employee Pensions
Silvana Pozzebon
Published in The Future of Public Employee Retirement Systems, pp. 143-163
WP2008-23
Unifying Pension Schemes in Japan: Toward a Single Scheme for Both Civil Servants and Private Employees
Junichi Sakamoto
Published in The Future of Public Employee Retirement Systems, pp. 164-186
WP2008-24
Between Scylla and Charybdis: Improving the Cost Effectiveness of Public Pension Retirement Plans
M. Barton Waring
Published in The Future of Public Employee Retirement Systems, pp. 58-74
WP2008-25
Public Pensions and State and Local Budgets: Can Contribution Rate Cyclicality Be Better Managed?
Parry Young
Published in The Future of Public Employee Retirement Systems, pp. 75-84
WP2008-26
How Pension Rules Affect Work and Contribution Patterns: A Behavioral Model of the Chilean Privatized Pension System
Petra Todd and Viviana VÃƒÂ©lez-Grajales
WP2008-27
The Dynamics of Lifecycle Investing in 401(k) Plans
Mitchell, Olivia S; Mottola, Gary R; Utkus, Stephen P; Yamaguchi, Takeshi
WP2008-28
The More the Better? Characteristics and Efficiency of 401(k) Investment Menus
Tang, Ning
WP2008-29
Hidden Regret and Advantageous Selection in Insurance Markets
Huang, Rachel J; Muermann, Alexander; and Tzeng, Larry Y
WP2008-30
For Better, for Worse: Intra-household Risk-sharing over the Business Cycle
Shore, Stephen
WP2008-31
Reforms to an Individual Account Pension System and their Effects on Work and Contribution Decisions: The Case of Chile
Viviana Velez-Grajales
WP2008-32
How Pension Rules Affect Work and Contribution Patterns: A Behavioral Model of the Chilean Privatized Pension System
Petra Todd and Viviana VÃƒÂ©lez-Grajales
WP2008-33

2007

A Tale of Two Pension Reforms: A US-Japan Comparison
Elmer Huh and Sarah McLellan
WP2007-01
Baby Boomer Retirement Security: The Roles of Planning, Financial Literacy, and Housing Wealth
Annamaria Lusardi and Olivia S. Mitchell
WP2007-02
Regret, Pride, and the Disposition Effect
Alexander Muermann and Jacqueline M. Volkman
WP2007-03
Financial Literacy and Retirement Preparedness: Evidence and Implications for Financial Education Programs
Annamaria Lusardi and Olivia S. Mitchell
WP2007-04
CEO Pensions: Disclosure, Rent Extraction, and Incentive Contracting
Joseph Gerakos
WP2007-05
The New Pension Law and Defined Benefit Plans: A Surprisingly Good Match
Mark J. Warshawsky
WP2007-06
Money in Motion: Dynamic Portfolio Choice in Retirement
Wolfram J. Horneff, Raimond H. Maurer, Olivia S. Mitchell, and Michael Z. Stamos
WP2007-07
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
WP2007-08
Efficient Annuitization: Optimal Strategies for Hedging Mortality Risk
Jason S. Scott, John G. Watson, and Wei-Yin Hu
WP2007-09
Behavioral Obstacles to the Annuity Market
Wei-Yin Hu and Jason S. Scott
WP2007-10
The Impact of Pension Freezes on Firm Value
Jordan Rubin
WP2007-11
Cost Structures of Investment Offerings in Singapore’s Central Provident Fund
Benedict S. K. Koh, Olivia S. Mitchell, and Joelle Fong
WP2007-12
The Age of Reason: Financial Decisions Over the Lifecycle
Sumit Agarwal, John C. Driscoll, Xavier Gabaix, and David Laibson
WP2007-13
Red, Yellow, and Green: A Taxonomy of 401(k) Portfolio Choices
Gary R. Mottola and Stephen P. Utkus
WP2007-14
Reform of the Tax on Reversions of Excess Pension Assets
Gaobo Pang and Mark Warshawsky
WP2007-15
Managing Retirement Payouts: Positioning, Investing and Spending Assets
Pension Research Council
WP2007-16
Planning and Financial Literacy: How Do Women Fare?
Annamaria Lusardi and Olivia S. Mitchell
WP2007-17
Rethinking Social Security Claiming in a 401(k) World
James I. Mahaney and Peter C. Carlson
Published in Recalibrating Retirement Spending and Saving, pp. 141-167
WP2007-18
Efficient Retirement Financial Strategies
William F. Sharpe, Jason S. Scott, and John G. Watson
Published in Recalibrating Retirement Spending and Saving, pp. 209-226
WP2007-19
Annuity Valuation, Long-Term Care, and Bequest Motives
John Ameriks, Andrew Caplin, Steven Laufer, and Stijn Van Nieuwerburgh
Published in Recalibrating Retirement Spending and Saving, pp. 251-275
WP2007-20
Regulating Markets for Retirement Payouts: Solvency, Supervision and Credibility
Phyllis C. Borzi and Martha Priddy Patterson
Published in Recalibrating Retirement Spending and Saving, pp. 168-208
WP2007-21
Tax Issues and Life Care Annuities
David Brazell, Jason Brown, and Mark Warshawsky
Published in Recalibrating Retirement Spending and Saving, pp. 295-317
WP2007-22
Is Retirement Being Remade? Developments in Labor Market Patterns at Older Ages
Sewin Chan and Ann Huff Stevens
Published in Recalibrating Retirement Spending and Saving, pp. 13-28
WP2007-23
Retirement Distributions and the Bequest Motive
G. Victor Hallman
Published in Recalibrating Retirement Spending and Saving, pp. 112-140
WP2007-24
The Role of Individual Retirement Accounts in US Retirement Planning
Sarah Holden and Brian Reid
Published in Recalibrating Retirement Spending and Saving, pp. 81-111
WP2007-25
Understanding Consumption in Retirement: Recent Developments
Erik Hurst
Published in Recalibrating Retirement Spending and Saving, pp. 29-45
WP2007-26
Asset Allocation within Variable Annuities: The Impact of Guarantees
Moshe A. Milevsky and Vladyslav Kyrychenko
Published in Recalibrating Retirement Spending and Saving, pp. 276-294
WP2007-27
The Dynamics of Lifecycle Investing in 401(k) Plans
Olivia S. Mitchell, Gary R. Mottola, Stephen P. Utkus and Takeshi Yamaguchi
WP2007-28
Net Worth and Housing Equity in Retirement
Todd Sinai and Nicholas Souleles
Published in Recalibrating Retirement Spending and Saving, pp. 46-80
WP2007-29
The Impact of Health Status and Out-of-Pocket Medical Expenditures on Annuity Valuation
Cassio M. Turra and Olivia S. Mitchell
Published in Recalibrating Retirement Spending and Saving, pp. 227-251
WP2007-30
Learning from the Chilean Experience: The Determinants of Pension Switching
Olivia S. Mitchell, Petra Todd, and David Bravo
WP2007-31
Hidden Regret and Advantageous Selection in Insurance Markets
Rachel J. Huang, Alexander Muermann, and Larry Y. Tzeng
WP2007-32
Financial Literacy and Retirement Planning: New Evidence from the Rand American Life Panel
Annamaria Lusardi and Olivia S. Mitchell
WP2007-33
A New Method for Attributing Changes in Life Expectancy to Various Causes of Death, with Application to the United States
Hiram Beltran-Sanchez & Samuel Preston
WP2007-34
The Marital Process and HIV/AIDS in Rural Malawi
Shelley Clark, Michelle Poulin, Hans-Peter Kohler
WP2007-35
Divorce-Law Changes, Household Bargaining, and Married Women’s Labor Supply Revisited
Betsey Stevenson
WP2007-36
Marriage and Divorce: Changes and their Driving Forces
Betsey Stevenson & Justin Wolfers
WP2007-37
Hidden Regret and Advantageous Selection in Insurance Markets
Rachel J. Huang, Alexander Muermann, Larry Y. Tzeng
WP2007-38

2006

Financial Literacy and Planning: Implications for Retirement Wellbeing
Annamaria Lusardi and Olivia S. Mitchell
WP2006-01
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
Published in Lessons from Pension Reform in the Americas, pp. 59-87
WP2006-02
Reducing the Complexity Costs of 401(k) Participation Through Quick Enrollment
James J. Choi, David Laibson, and Brigitte C. Madrian
WP2006-03
$100 Bills on the Sidewalk: Suboptimal Saving in 401(k) Plans
James J. Choi, David Laibson, and Brigitte C. Madrian
WP2006-04
The Inattentive Participant: Portfolio Trading Behavior in 401(k) Plans
Olivia S. Mitchell, Gary R. Mottola, Stephen P. Utkus, and Takeshi Yamaguchi
WP2006-05
Social Security Replacement Rates For Alternative Earnings Benchmarks
Olivia S. Mitchell and John W. R. Phillips
WP2006-06
Transitioning To Retirement: How Will Boomers Fare?
Pension Research Council
WP2006-07
Lessons from Pension Reform in the Americas
Pension Research Council
WP2006-08
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 With assistance from Andres Otero, Jeremy Skog, Javiera Vasquez, and Viviana Velez-Grajales
Published in Lessons from Pension Reform in the Americas, pp. 21-58
WP2006-09
Optimizing the Retirement Portfolio: Asset Allocation, Annuitization, and Risk Aversion
Wolfram J. Horneff, Raimond Maurer, Olivia S. Mitchell, and Ivica Dus
WP2006-10
Financial Innovation for an Aging World
Olivia S. Mitchell, John Piggott, Michael Sherris, and Shaun Yow
WP2006-11
Developments in Mandatory Defined Contribution Plans: Investment Patterns in Singapore’s Central Provident Fund System
Benedict S. K. Koh, Olivia S. Mitchell, Toto Tanuwidjaja, and Joelle Fong
WP2006-12
Cohort Differences in Retirement Expectations and Realizations
Nicole Maestas
Published in Redefining Retirement: How Will Boomers Fare?, pp. 13-35
WP2006-13
The Sufficiency of Retirement Savings: Comparing Cohorts at the Time of Retirement
Robert Haveman, Karen Holden, Barbara Wolfe, and Andrei Romanov
Published in Redefining Retirement: How Will Boomers Fare?, pp. 36-69
WP2006-14
Understanding Baby Boomers’ Retirement Prospects
Barbara A. Butrica, Howard M. Iams, and Karen E. Smith
Published in Redefining Retirement: How Will Boomers Fare?, pp. 70-91
WP2006-15
Are Baby Boomers Living Well Longer?
David R. Weir
Published in Redefining Retirement: How Will Boomers Fare?, pp. 95-111
WP2006-16
Baby Boomers vs Their Parents: Economic Well-being and Health Status
Joyce Manchester, David Weaver, and Kevin Whitman
Published in Redefining Retirement: How Will Boomers Fare?, pp. 112-137
WP2006-17
Cross-Cohort Differences in Health on the Verge of Retirement
Beth J. Soldo, Olivia S. Mitchell, Rania Tfaily, and John F. McCabe
Published in Redefining Retirement: How Will Boomers Fare?, pp. 138-158
WP2006-18
Health Insurance Coverage of the Near-Elderly
Helen Levy
Published in Redefining Retirement: How Will Boomers Fare?, pp. 159-175
WP2006-19
The Impact of Pensions on Non-Pension Investment Choices
Leora Friedberg and Anthony Webb
Published in Redefining Retirement: How Will Boomers Fare?, pp. 179-210
WP2006-20
Measuring Pension Wealth
Chris Cunningham, Gary V. Engelhardt, and Anil Kumar
Published in Redefining Retirement: How Will Boomers Fare?, pp. 211-233
WP2006-21
Trends in Pension Values Around Retirement
Michael Hurd and Susann Rohwedder
Published in Redefining Retirement: How Will Boomers Fare?, pp. 234-247
WP2006-22
Pension Portfolio Choice and Menu Exposure
Anders Karlsson, Massimo Massa, and Andrei Simonov
Published in Redefining Retirement: How Will Boomers Fare?, pp. 248-270
WP2006-23
Saving Between Cohorts: The Role of Planning
Annamaria Lusardi and Jason Beeler
Published in Redefining Retirement: How Will Boomers Fare?, pp. 271-295
WP2006-24
Retiring on the House? Cross-Cohort Differences in Housing Wealth
Julia Lynn Coronado, Dean Maki, and Ben Weitzer
Published in Redefining Retirement: How Will Boomers Fare?, pp. 296-308
WP2006-25
Winners and Losers: 401(k) Trading and Portfolio Performance
Takeshi Yamaguchi, Olivia S. Mitchell, Gary R. Mottola, and Stephen P. Utkus
WP2006-26
What Determines Adult Cognitive Skills? Impacts of Pre-Schooling, Schooling and Post-Schooling Experiences in Guatemala
Jere R. Behrman, John F. Hoddinott, John A. Maluccio, Erica Soler-Hampejsek, Emily L. Behrman, Reynaldo Martorell, Manuel Ramirez-Zea & Aryeh D. Stein
WP2006-27
Black-White Differentials in Cause-Specific Mortality in the United States during the 1980s: The Role of Medical Care and Health Behaviors
Irma T. Elo & Greg L. Drevenstedt
WP2006-28
The Impact of Nutrition during Early Childhood on Education among Guatemalan Adults
John A. Maluccio, John F. Hoddinott, Jere R. Behrman, Reynaldo Martorell, Agnes R. Quisumbing & Aryeh D. Stein
WP2006-29
Mortality of American Troops in Iraq
Samuel H. Preston & Emily Buzzell
WP2006-30

2005

Strategic Asset Allocation in Japan: An Empirical Evaluation
Tokuo Iwaisako, Olivia S. Mitchell, and John Piggott
WP2005-01
Public Pension Governance, Funding, and Performance: A Longitudinal Appraisal
Tongxuan (Stella) Yang and Olivia S. Mitchell
WP2005-02
The Importance of Financial Communication for Participation Rates and Contribution Levels in 401(k) Plans
Steven A. Nyce
WP2005-03
Understanding the Defined Benefit versus Defined Contribution Choice
Tongxuan (Stella) Yang
WP2005-04
Dimensions of 401(k) Plan Design (revised 11/11/05)
Olivia S. Mitchell, Stephen P. Utkus, and Tongxuan (Stella) Yang
Published in Restructuring Retirement Risks
WP2005-05
The Evolution of Risk and Reward Sharing in Retirement
2005 PRC Conference Overview
Published in Restructuring Retirement Risks
WP2005-06
Who Bears What Risk? An Intergenerational Perspective
Henning Bohn
Published in Restructuring Retirement Risks
WP2005-07
The UK Approach to Insuring Defined Benefit Pension Plans
David McCarthy and Anthony Neuberger
Published in Restructuring Retirement Risks
WP2005-08
The Role of 401(k) Accumulations in Providing Future Retirement Income
Sarah Holden and Jack VanDerhei
Published in Restructuring Retirement Risks
WP2005-09
The Influence of PBGC Insurance on Pension Fund Finances
Julia Coronado and Nellie Liang
Published in Restructuring Retirement Risks
WP2005-10
Implications of Optimal Investment Policies for Hybrid Pension Plans: Sponsor and Member Perspectives
Peter Albrecht, Joachim Coche, Raimond Maurer and Ralph Rogalla
Published in Restructuring Retirement Risks
WP2005-11
Regulating Single Employer Defined Benefit Pension Plans: A Modern Approach
Mark J. Warshawsky, Neal McCall and John D. Worth
Published in Restructuring Retirement Risks
WP2005-12
Risk-Sharing in Retiree Medical Benefits
George Wagoner, Anna Rappaport, Brian Fuller, and Frank Yeager
Published in Restructuring Retirement Risks
WP2005-13
Changing Risks Confronting Pension Participants
Phyllis C. Borzi
Published in Restructuring Retirement Risks
WP2005-14
Resurrecting the Defined Benefit Pension Plan: A New Perspective
Douglas Fore and P. Brett Hammond
Published in Restructuring Retirement Risks
WP2005-15
Market-based Social Security as a Better Means of Risk-Sharing
Salvador Valdes-Prieto
Published in Restructuring Retirement Risks
WP2005-16
Regret, Portfolio Choice, and Guarantees in Defined Contribution Schemes
Alexander Muermann, Olivia S. Mitchell, and Jacqueline M. Volkman
WP2005-17
Turning Workers into Savers? Incentives, Liquidity, and Choice in 401(k) Plan Design
Olivia S. Mitchell, Stephen P. Utkus, and Tongxuan (Stella) Yang
WP2005-18

2004

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
WP2004-01
The Impact of Health Status and Out-of-Pocket Medical Expenditures on Annuity Valuation
Cassio M. Turra and Olivia S. Mitchell
WP2004-02
Work and Retirement Plans among Older Americans
Katharine Abraham and Susan Houseman
Published in Reinventing the Retirement Paradigm, pp. 70-91
WP2004-03
Why Pension Fund Management Needs a Paradigm Shift
Keith Ambachtsheer
Published in Reinventing the Retirement Paradigm, pp. 188-205
WP2004-04
Corporate Pension Reform in Japan: Big Bang or Big Bust?
Sarah (Ingmanson) McLellan
WP2004-05
Profitable Prudence: The Case for Public Employer Defined Benefit Plans
Gary Anderson and Keith Brainard
Published in Reinventing the Retirement Paradigm, pp. 206-222
WP2004-06
Educating Pension Plan Participants
William J. Arnone
Published in Reinventing the Retirement Paradigm, pp. 163-172
WP2004-07
Changes in Accounting Practices Will Drive Pension Paradigm Shift
Douglas Fore
Published in Reinventing the Retirement Paradigm, pp. 173-187
WP2004-08
Looking Backward, Looking Forward: Where is Pension Policy Headed?
James A. Klein
Published in Reinventing the Retirement Paradigm, pp. 14-24
WP2004-09
Reality Testing for Pension Reform
Pamela Perun and C. Eugene Steuerle
Published in Reinventing the Retirement Paradigm, pp. 25-54
WP2004-10
Older Workers: Employment and Retirement Trends
Patrick Purcell
Published in Reinventing the Retirement Paradigm, pp. 55-69
WP2004-11
The Future of Pension Plan Design
David McCarthy
Published in Reinventing the Retirement Paradigm, pp. 91-110
WP2004-12
Strategies to Retain Older Workers
Janemarie Mulvey and Steven Nyce
Published in Reinventing the Retirement Paradigm, pp. 111-132
WP2004-13
Developments in Phased Retirement
Robert Hutchens and Kerry L. Papps
Published in Reinventing the Retirement Paradigm, pp. 133-162
WP2004-14
The Future of Pensions in Canada
Silvana Pozzebon
Published in Reinventing the Retirement Paradigm, pp. 223-239
WP2004-15
The Future of Retirement in Sweden
Annika Sundén
Published in Reinventing the Retirement Paradigm, pp. 240-259
WP2004-16
Risk Management and Pension Plan Choice in Japan
Masaharu Usuki
Published in Reinventing the Retirement Paradigm, pp. 260-277
WP2004-17
Changing the Retirement Paradigm
Robert L. Clark and Olivia S. Mitchell
Published in Reinventing the Retirement Paradigm, pp. 3-13
WP2004-18
Post-employment Benefits, Economics and Accounting: Moral Hazard and Frail Benefit Designs
Jeremy Gold
WP2004-19
The Case Against Stock in Public Pension Funds
Lawrence N. Bader and Jeremy Gold
WP2004-20
Crime and Early Retirement Among Older Americans
Dan Silverman and Olivia S. Mitchell
WP2004-21
Death Spiral or Euthanasia? The Demise of Generous Group Health Insurance Coverage
Mark Pauly, Olivia Mitchell, and Peter Zeng
WP2004-22
Modeling Lifetime Earnings Paths: Hypothetical versus Actual Workers
Andrew Au, Olivia S. Mitchell, and John W. R. Phillips
WP2004-23
Plan Design and 401(k) Savings Outcomes
James J. Choi, David Laibson, Brigitte C. Madrian
WP2004-24
Employee Stock Purchase Plans
Gary V. Engelhardt and Brigitte C. Madrian
WP2004-25

2003

Risk Management for Global Aging: Perspectives on the Challenges Facing Industrialized Countries
The Pension Research Council, The Wharton School of the University of Pennsylvania
WP2003-01
Understanding Individual Account Guarantees
Marie-Eve Lachance and Olivia S. Mitchell
Published in The Pension Challenge: Risk Transfers and Retirement Income Security, pp. 159-186
WP2003-02
Unlocking Housing Equity in Japan
Olivia S. Mitchell and John Piggott
WP2003-03
Retirement Wealth and Lifetime Earnings Variability
Olivia S. Mitchell, John W. R. Phillips, Andrew Au, and David McCarthy
WP2003-04
Defined Benefit Pension Plan Liabilities and International Asset Allocation
Tongxuan Yang
WP2003-05
Lessons from Behavioral Finance for Retirement Plan Design
Olivia S. Mitchell and Stephen P. Utkus
Published in Pension Design and Structure: New Lessons from Behavioral Finance, pp. 3-42
WP2003-06
Motivating Retirement Planning: Problems and Solutions
Gary Selnow
Published in Pension Design and Structure: New Lessons from Behavioral Finance, pp. 43-52
WP2003-07
Who’s Afraid of a Poor Old Age?: Risk Perception in Risk Management Decisions
Elke W. Weber
Published in Pension Design and Structure: New Lessons from Behavioral Finance, pp. 53-66
WP2003-08
Behavioral Portfolios: Hope for Riches and Protection from Poverty
Meir Statman
Published in Pension Design and Structure: New Lessons from Behavioral Finance, pp. 67-82
WP2003-09
How Much Choice is Too Much?: Contributions to 401(k) Retirement Plans
Sheena S. Iyengar, Gur Huberman, and Wei Jiang
Published in Pension Design and Structure: New Lessons from Behavioral Finance, pp. 83-96
WP2003-10
“Money Attitudes” and Retirement Plan Design: One Size Does Not Fit All
Donna M. McFarland, Carolyn D. Marconi, and Stephen P. Utkus
Published in Pension Design and Structure: New Lessons from Behavioral Finance, pp. 97-120
WP2003-11
Employee Investment Decisions about Company Stock
James Choi, David Laibson, Brigitte Madrian, and Andrew Metrick
Published in Pension Design and Structure: New Lessons from Behavioral Finance, pp. 121-136
WP2003-12
Implications of Information and Social Interactions for Retirement Saving Decisions
Esther Duflo and Emmanuel Saez
Published in Pension Design and Structure: New Lessons from Behavioral Finance, pp. 137-156
WP2003-13
Saving and the Effectiveness of Financial Education
Annamaria Lusardi
Published in Pension Design and Structure: New Lessons from Behavioral Finance, pp. 157-184
WP2003-14
Sex Differences, Financial Education, and Retirement Goals
Robert L. Clark, Madeleine B. D’Ambrosio, Ann A. McDermed, and Kshama Sawant
Published in Pension Design and Structure: New Lessons from Behavioral Finance, pp. 185-206
WP2003-15
Retirement Security in a DC World: Using Behavioral Finance to Bridge the Expertise Gap
Jason Scott and Gregory Stein
Published in Pension Design and Structure: New Lessons from Behavioral Finance, pp. 207-220
WP2003-16
Adult Learning Principles and Pension Participant Behavior
Victor Saliterman and Barry G. Scheckley
Published in Pension Design and Structure: New Lessons from Behavioral Finance, pp. 221-236
WP2003-17
How Do Retirees Go from Stock to Flow?
John Ameriks
Published in Pension Design and Structure: New Lessons from Behavioral Finance, pp. 237-258
WP2003-18
Annuities and Retirement Well-Being
Constantijn W.A. Panis
Published in Pension Design and Structure: New Lessons from Behavioral Finance, pp. 259-274
WP2003-19
Perceptions of Mortality Risk: Implications for Annuities
Matthew Drinkwater and Eric T. Sondergeld
Published in Pension Design and Structure: New Lessons from Behavioral Finance, pp. 275-286
WP2003-20
A Symposium on Cash Balance Pensions: Background and Introduction
Sylvester J. Schieber
WP2003-21
Cash Balance Pension Plan Conversions and the New Economy
Julia Lynn Coronado and Phillip C. Copeland
WP2003-22
The Shift to Hybrid Pensions by U.S. Employers: An Empirical Analysis of Actual Plan Conversions
Sylvester J. Schieber
WP2003-23
Pension Plan Options: Preferences, Choices, and the Distribution of Benefits
Robert L. Clark
WP2003-24
Possible Implications of Mandating Choice in Corporate Defined Benefit Plans
Olivia S. Mitchell and Janemarie Mulvey
WP2003-25
Promoting Work at Older Ages: The Role of Hybrid Pension Plans in an Aging Population
Richard W. Johnson and Eugene Steuerle
WP2003-26

2002

Defined Contribution Pensions: Plan Rules, Participant Choices, and the Path of Least Resistance
James J. Choi, David Laibson, Brigitte C. Madrian, Andrew Metrick
WP2002-03
The Role of Company Stock in Defined Contribution Plans
Olivia S. Mitchell and Stephen P. Utkus
Published in The Pension Challenge: Risk Transfers and Retirement Income Security, pp. 33-70
WP2002-04
Personal Retirement Accounts and Social Security Reform
Olivia S. Mitchell
WP2002-07
International Adverse Selection in Life Insurance and Annuities
David McCarthy and Olivia S. Mitchell
WP2002-08
Redesigning Public Sector Pensions In Developing Countries
Olivia S. Mitchell
WP2002-09
Money-Back Guarantees in Individual Pension Accounts: Evidence from the German Pension Reform
Raimond Maurer and Christian Schlag
WP2002-11
Developments in Risk Management for Retirement Security
Olivia S. Mitchell and Kent Smetters
Published in The Pension Challenge: Risk Transfers and Retirement Income Security, pp. 1-15
WP2002-14
An Analysis of Investment Advice to Retirement Plan Participants
Zvi Bodie
Published in The Pension Challenge: Risk Transfers and Retirement Income Security, pp. 19-32
WP2002-15
Company Stock and Pension Plan Diversification
Krishna Ramaswamy
Published in The Pension Challenge: Risk Transfers and Retirement Income Security, pp. 71-88
WP2002-16
Risk Transfer in Public Pension Plans
Jeremy Gold
Published in The Pension Challenge: Risk Transfers and Retirement Income Security, pp. 102-115
WP2002-18
Securing Public Pension Promises through Funding
Robert Palacios
Published in The Pension Challenge: Risk Transfers and Retirement Income Security, pp. 116-158
WP2002-19
Retirement Guarantees in Mandatory Defined Contribution Systems
Jan Walliser
Published in The Pension Challenge: Risk Transfers and Retirement Income Security, pp. 238-250
WP2002-20
Retirement Guarantees in Voluntary Defined Contribution Plans
John Turner and David Rajnes
Published in The Pension Challenge: Risk Transfers and Retirement Income Security, pp. 251-267
WP2002-21
Securitized Risk Instruments as Alternative Pension Fund Investments
David Cummins and Christopher Lewis
Published in The Pension Challenge: Risk Transfers and Retirement Income Security, pp. 268-308
WP2002-22
Credit Implications of the Payout Annuity Market
Arthur Fliegelman, Moshe Milevsky, and Scott Robinson
Published in The Pension Challenge: Risk Transfers and Retirement Income Security, pp. 309-330
WP2002-23
Hedging Segregated Fund Guarantees
Kenneth Vetzal, Peter Forsyth, and Heath Windcliff
Published in The Pension Challenge: Risk Transfers and Retirement Income Security, pp. 214-237
WP2002-24

2001

Retirement Responses to Early Social Security Benefit Reductions
Olivia S. Mitchell and John W. R. Phillips
WP2001-01
Assessing the Impact of Mortality Assumptions on Annuity Valuation: Cross-Country Evidence
David McCarthy and Olivia S. Mitchell
WP2001-03
Annuity Values in Defined Contribution Retirement Systems: The Case of Singapore and Australia
Suzanne Doyle, Olivia S. Mitchell, and John Piggott
WP2001-04
Biased Methodology Enables Equity Investment by Defined Benefit Pension Plans
Jeremy Gold
WP2001-05
Assumed Rates of Discount for Valuations of Publicly Sponsored Defined Benefit Plans
Jeremy Gold
WP2001-06
The Shareholder-Optimal Design of Cash Balance Pension Plans
Jeremy Gold
WP2001-07
Retirement Investing: A New Approach
Zvi Bodie
WP2001-08
Eligibility for Social Security Disability Insurance
Olivia S. Mitchell and John W.R. Phillips
WP2001-11
Estimating International Adverse Selection in Annuities
Olivia S. Mitchell, PhD and David McCarthy, FFA
WP2001-12
The Equivalence of the Social Security’s Trust Fund Portfolio Allocation and Capital Income Tax Policy
Kent Smetters
WP2001-13
The Demographics of Tomorrow’s Workplace
Martha Riche
Published in Benefits for the Workplace of the Future, pp. 21-42
WP2001-14
Benefits for the Workplace of the Future
Olivia S. Mitchell
Published in Benefits for the Workplace of the Future, pp. 1-17
WP2001-15
Benefits and Productivity
William E. Even and David A McPherson
Published in Benefits for the Workplace of the Future, pp. 43-57
WP2001-16
Designing Total Reward Programs for Tight Labor Markets
Eric Lofgren, Steven A. Nyce, and Sylvester J. Schieber
Published in Benefits for the Workplace of the Future, pp. 151-177
WP2001-17
How Demographic Change Will Drive Benefits Design
Marjorie Honig and Irene Dushi
Published in Benefits for the Workplace of the Future, pp. 58-88
WP2001-18
The Benefits Implication of Recent Trends in Flexible Staffing Arrangements
Susan N. Houseman
Published in Benefits for the Workplace of the Future, pp. 89-109
WP2001-19
De-Linking Benefits from a Single Employer: Alternative Multiemployer Models
Teresa Ghilarducci
Published in Benefits for the Workplace of the Future, pp. 260-284
WP2001-20
Benefits for the Free Agent Workforce
Carl D. Camden
Published in Benefits for the Workplace of the Future, pp. 241-248
WP2001-21
Developments in Global Benefits Administration
Manish Sabharwal
Published in Benefits for the Workplace of the Future, pp. 249-259
WP2001-22
Implications of a Difficult Economy for Company-Sponsored Retirement Plans
Anna M. Rappaport
Published in Benefits for the Workplace of the Future, pp. 137-150
WP2001-23

2000

New Trends in U.S. Pensions
Olivia S. Mitchell with the assistance of Erica L. Dykes
WP2000-01
Developments in Retirement Provision: Global Trends and Lessons from Australia and the US
Olivia S. Mitchell and John Piggott
WP2000-02
Analyzing and Managing Retirement Risks
Zvi Bodie, P. Brett Hammond, and Olivia S. Mitchell
Published in Innovations in Retirement Financing, pp. 3-19
WP2000-04
Income Shocks, Asset Returns, and Portfolio Choice
Steven Davis and Paul Willen
Published in Innovations in Retirement Financing, pp. 20-49
WP2000-05
An Economic Approach to Setting Retirement Savings Goals
Douglas B. Bernheim, Lorenzo Forni, Jagadeesh Gokhale, and Laurence J. Kotlikoff
Published in Innovations in Retirement Financing, pp. 77-105
WP2000-06
Retirement Planning and the Asset/Salary Ratio
Martin L. Leibowitz, Benson Durham, P. Brett Hammond, and Michael Heller
Published in Innovations in Retirement Financing, pp. 106-131
WP2000-07
Outcomes-Based Investing with Efficient Monte Carlo Simulation
Jason Scott
Published in Innovations in Retirement Financing, pp. 132-145
WP2000-08
Taking the Subsidy Out of Early Retirement: Converting to Hybrid Pensions
Robert L. Clark and Sylvester J. Schieber
Published in Innovations in Retirement Financing, pp. 149-174
WP2000-09
Mortality Risk, Inflation Risk, and Annuity Products
Jeffrey R. Brown, Olivia S. Mitchell, and James M. Poterba
Published in Innovations in Retirement Financing, pp. 175-197
WP2000-10
Integration of the Life Annuity and Long-Term Care Insurance: Theory, Evidence, Practice, and Policy
Mark J. Warshawsky, Brenda Spillman, and Christopher Murtaugh
Published in Innovations in Retirement Financing, pp. 198-221
WP2000-11
Survivor Bonds and Compulsory Annuitization: Helping Reduce the Cost of Pension Provision
David Blake, William Burrows, and Michael Orszag
Published in Innovations in Retirement Financing, pp. 222-233
WP2000-12
Turning Assets into Cash: Problems and Prospects in the Reverse Mortgage Market
Andrew Caplin
Published in Innovations in Retirement Financing, pp. 234-253
WP2000-13
Aging and Housing Equity
Venti and David A. Wise
Published in Innovations in Retirement Financing, pp. 254-281
WP2000-14
Risk Management Through International Diversification: The Case of Latin American Pension Funds
P.S. Srinivas and Juan Yermo
Published in Innovations in Retirement Financing, pp. 282-312
WP2000-15
Implications of Changing Retirement Patterns and Policies in Higher Education
Robert L. Clark and P. Brett Hammond
Published in To Retire or Not? Retirement Policy and Practice in Higher Education, pp. 1-20
WP2000-16
Faculty Retirement and the Impact of the Elimination of Mandatory Retirement at Three North Carolina Universities
Robert L. Clark, Linda Ghent, and Juanita Kreps
Published in To Retire or Not? Retirement Policy and Practice in Higher Education, pp. 21-38
WP2000-17
Age-Based Retirement Incentives for Tenured Faculty Members: Satisfying the Legal Requirements
David L. Raish
Published in To Retire or Not? Retirement Policy and Practice in Higher Education, pp. 39-64
WP2000-18
The Use Retirement Incentive Programs in Higher Education: Evidence from a National Survey
John Keefe
Published in To Retire or Not? Retirement Policy and Practice in Higher Education, pp. 65-80
WP2000-19
Cornell Confronts the End of Mandatory Retirement
Ronald G. Ehrenberg, Michael W. Matier, and David Fontanella
Published in To Retire or Not? Retirement Policy and Practice in Higher Education, pp. 81-105
WP2000-20
The University of California Voluntary Early Retirement Incentive Programs
Ellen Switkes
Published in To Retire or Not? Retirement Policy and Practice in Higher Education, pp. 106-121
WP2000-21
Ending Mandatory Retirement in Two States
Robert M. O’Neil
Published in To Retire or Not? Retirement Policy and Practice in Higher Education, pp. 122-127
WP2000-22
Intangible and Tangible Retirement Incentives
John Keefe
Published in To Retire or Not? Retirement Policy and Practice in Higher Education, pp. 128-137
WP2000-23
Reflections on Experience in an Uncapped Environment
Sharon P. Smith
Published in To Retire or Not? Retirement Policy and Practice in Higher Education, pp. 138-147
WP2000-24
What We Can Still Learn from an Earlier Study of Mandatory Retirement
Karen C. Holden and W. Lee Hansen
Published in To Retire or Not? Retirement Policy and Practice in Higher Education, pp. 148-165
WP2000-25

1999

Evaluating Administrative Costs in Mexico’s AFORES Pension System
Olivia S. Mitchell
WP1999-01
Developments in State and Local Pension Plans
Olivia S. Mitchell, David McCarthy, Stanley C. Wisniewski, and Paul Zorn
Published in Pensions in the Public Sector, pp. 11-40
WP1999-04
State Employee Pension Plans
Karen I. Steffen
Published in Pensions in the Public Sector, pp. 41-65
WP1999-05
Federal Civilian and Military Retirement Systems
Edwin C. Hustead and Toni Hustead
Published in Pensions in the Public Sector, pp. 66-104
WP1999-06
Canadian Public Sector Employee Pension Plans
Silvana Pozzebon
Published in Pensions in the Public Sector, pp. 105-116
WP1999-07
Asset-Liability Management in the Public Sector
Michael W. Peskin
Published in Pensions in the Public Sector, pp. 195-217
WP1999-08
Investment Practices of State and Local Pension Funds: Implications for Social Security Reform
Alicia H. Munnell and Annika Sundén
Published in Pensions in the Public Sector, pp. 153-194
WP1999-09
The Life and Times of a Public-Sector Pension Plan Before Social Security: The U.S. Navy Pension Plan in the Nineteenth Century
Robert L. Clark. Lee A. Craig, and Jack W. Wilson
Published in Pensions in the Public Sector, pp. 241-263
WP1999-10
Governance and Investments of Public Pensions
Michael Useem and David Hess
Published in Pensions in the Public Sector, pp. 132-152
WP1999-11
Regulation and Taxation of Public Plans: A History of Increasing Federal Influence
Roderick B. Crane
Published in Pensions in the Public Sector, pp. 119-131
WP1999-12
Determining the Cost of Public Pension Plans
Edwin C. Hustead
Published in Pensions in the Public Sector, pp. 218-240
WP1999-13
Going Private in the Public Sector: The Transition from Defined Benefit to Defined Contribution Pension Plans
Douglas Fore
Published in Pensions in the Public Sector, pp. 267-287
WP1999-14
Pension Governance in the Pennsylvania State Employees’ Retirement System
John Brosius
Published in Pensions in the Public Sector, pp. 313-326
WP1999-15
The New Jersey Pension System
Thomas Bryan
Published in Pensions in the Public Sector, pp. 327-353
WP1999-16
Public Pensions in Washington, DC
Edwin C. Hustead
Published in Pensions in the Public Sector, pp. 354-362
WP1999-17
Public Pension Design and Responses to a Changing Workforce
Cathie Eitelberg
Published in Pensions in the Public Sector, pp. 363-374
WP1999-18
Worklife Determinants of Retirement Income Differnetials Between Men and Women
Phillip B. Levine, Olivia S. Mitchell, and John W. Phillips
Published in Innovations in Retirement Financing, pp. 50-73
WP1999-19
Opting Out: The Galveston Plan and Social Security
Theresa M. Wilson
WP1999-22

1998

Projected Retirement Wealth and Saving Adequacy
James F. Moore and Olivia S. Mitchell
Published in Forecasting Retirement Needs and Retirement Wealth, pp. 68-94
WP1998-01
Mortality Change and Forecasting: How Much and How Little Do We Know?
Tuljapurkar, Shripad and Carl Boe
WP1998-02
Insulating Old-Age Systems from Political Risk
Olivia S. Mitchell
WP1998-03
Developments in Pensions
Olivia S. Mitchell
WP1998-04
International Models for Pension Reform
Olivia S.Mitchell
WP1998-05
Would a Privatized Social Security System Really Pay a Higher Rate of Return?
John Geanakoplos, Olivia S. Mitchell, and Stephen P. Zeldes
WP1998-06
Health Problems as Determinants of Retirement: Are Self-Rated Measures Endogenous?
Debra S. Dwyer and Olivia S. Mitchell
WP1998-07
New Developments in the Economic Analysis of Retirement
Robin L. Lumsdaine and Olivia S. Mitchell
WP1998-08
Social Security Money’s Worth
John Geanakoplos, Olivia S. Mitchell and Stephen P. Zeldes
WP1998-09

1997

Women on the Verge of Retirement: Predictors of Retiree Well-being
Phillip B. Levine and Olivia S. Mitchell
WP1997-02
Pension and Social Security Wealth in the Health and Retirement Study
Alan L. Gustman, Olivia S. Mitchell, Andrew A. Sanwick, and Thomas L. Steinmeier
WP1997-03
Holders of the Public Pension Strings: Governance and Performance of Public Retirement Systems
Michael Useem and Olivia S. Mitchell
WP1997-05
Building an Environment for Pension Reform in Developing Countries
Olivia S. Mitchell
WP1997-07
Retirement Wealth Accumulation and Decumulation: New Developments and Outstanding Opportunities
Olivia S. Mitchell and James F. Moore
WP1997-08
New Evidence on the Money’s Worth of Individual Annuities
Olivia S. Mitchell, James M. Poterba and Mark J. Warshawsky
WP1997-09
Goverment Guarantees for Old Age Income
George G. Pennacchi
WP1997-10
The Defined Benefit Approach
Edith Fierst
WP1997-11
Measuring Solvency in the Social Security System
Stephen C. Goss
WP1997-12
New Opportunities for the Social Security Reform
Stephen G. Kellison and Marilyn Moon
WP1997-13
Criteria for Evaluating Social Security Reform
Janice M. Gregory
WP1997-14
Possible Employer Responses to Social Security Reform
Janice M. Gregory
WP1997-15
Actuarial Perspectives on Implications of Social Security Reform for Employer-Sponsored Pension Plans
Christopher M. Bone
WP1997-16
How the Stakeholders See the Options: Perspectives from Organized Labor
David S. Blitzstein
WP1997-17
Social Security View of Adult Americans
John Rother and William E. Wright
WP1997-18
Women as Widows under a Reformed Social Security System
Karen C. Holden
WP1997-19
Thinking About Social Security’s Trust Fund
Kent Smetters
WP1997-21
Simulating Benefit Levels under Alternative Social security Reform Approaches
Gordon P. Goodfellow and Sylvester J. Schieber
WP1997-22
Stochastic Simulation of the Economic Growth Effects of Social Security Reform Approaches
Martin R. Holmer
WP1997-23
Means Testing Social Security
David Neumark and Elizabeth Powers
WP1997-24
Social Security and Employer Induced Retirement
Robert Hutchens
WP1997-25
Investment and Administrative Constraints on Personal Security Accounts
Robert Pozen
WP1997-26
Taxing Issues for Social Security
Joyce Manchester
WP1997-27

1996

Pension Coverage Initiatives: Why Don’t Workers Participate?
Richard P. Hinz
Published in Living with Defined Contribution Pensions
WP1996-06
Payout Design Issues in Defined Contribution Plans
Paul H. Wenz
WP1996-14
Family Concerns in Dealing with Retirement Planning
Anna M. Rappaport
WP1996-16
Social Security Reform in Uruguay: An Economic Assessment
Olivia S. Mitchell
WP1996-20

1995

Designing Pension Systems for Developing Countries
Olivia S. Mitchell and Gary S. Fields
WP1995-14