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Idiosyncratic Risk, Aggregate Risk, and the Welfare Effects of Social Security
We ask whether a pay-as-you-go financed social security system is welfare improving in an economy with idiosyncratic productivity and aggregate business cycle risk. We show analytically that the whole welfare benefit from ...
Optimal Social Security Claiming Behavior under Lump Sum Incentives: Theory and Evidence
People who delay claiming Social Security receive higher lifelong benefits upon retirement. We survey individuals on their willingness to delay claiming later, if they could receive a lump sum in lieu of a higher annuity ...