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Author: Saku P. Aura Publisher: ISBN: Category : Languages : en Pages : 182
Book Description
The first essay of this thesis studies within-family decision making regarding investment in income protection for surviving spouses using a simple and tractable Nash-bargaining model. A change in US pension law (the Retirement Equity Act of 1984) is used as an instrument to derive predictions from the bargaining model and to contrast these with the predictions of the classical single-utility-function model of the household. In the empirical part of the essay, the predictions of the classical model are rejected in favor of the predictions of the Nash-bargaining model. Second essay studies married couple's dynamic investment and consumption choices under the assumption that the couple cannot commit across time to not to renegotiate their decisions. The inefficiencies that can arise are characterized. Efficiency properties of different divorce asset division regimes are examined. The effect of inability to commit across time on the savings level is examined under a tractable special case of the model. Third essay is coauthored with Professor Peter Diamond and Professor John Geanakoplos. In this essay we extend Arrow's analysis of portfolio choice in a one-period model to savings and portfolio choice in a two-period model.
Author: Saku P. Aura Publisher: ISBN: Category : Languages : en Pages : 182
Book Description
The first essay of this thesis studies within-family decision making regarding investment in income protection for surviving spouses using a simple and tractable Nash-bargaining model. A change in US pension law (the Retirement Equity Act of 1984) is used as an instrument to derive predictions from the bargaining model and to contrast these with the predictions of the classical single-utility-function model of the household. In the empirical part of the essay, the predictions of the classical model are rejected in favor of the predictions of the Nash-bargaining model. Second essay studies married couple's dynamic investment and consumption choices under the assumption that the couple cannot commit across time to not to renegotiate their decisions. The inefficiencies that can arise are characterized. Efficiency properties of different divorce asset division regimes are examined. The effect of inability to commit across time on the savings level is examined under a tractable special case of the model. Third essay is coauthored with Professor Peter Diamond and Professor John Geanakoplos. In this essay we extend Arrow's analysis of portfolio choice in a one-period model to savings and portfolio choice in a two-period model.
Author: Publisher: ISBN: Category : Languages : en Pages : 0
Book Description
The first and second chapters of this dissertation consider household financial decision making. In the first chapter I examine the phenomenon of early claiming for Social Security retirement benefits. Previous work has shown that early claiming, in particular by the primary earner in married couples, is not consistent with household benefit maximization nor is it predicted by models of utility maximization. I show that observed claiming behavior is explained well by a model in which the primary earner chooses when to claim without taking into consideration the effect of the choice on the secondary earner's spousal and survivor benefits. I find that the decrease in the value of household benefits due to early claiming is borne almost entirely by the surviving spouse. In the second chapter, with John Karl Scholz and Ananth Seshadri, we use the insight of a lifecycle model to better understand the factors that affect household retirement savings targets. Two of the most important determinants of savings targets are households' location in the lifetime income distribution and number of children. We measure the deviation of a set of financial guidelines for retirement saving from the optimal asset accumulation implied by the lifecycle model and suggest an alternate savings heuristic that takes into account insights from the lifecycle model. The third chapter applies a novel estimation strategy to measure the benefit of hazardous waste site remediation. In contrast to previous estimates, this method calculates the benefit of site remediation allowing for diminishing marginal utility. Using data on home sales in Cincinnati, Ohio in 2000 I find the median willingness to pay for a one mile increase to the nearest hazardous waste site is $228 per year. This is lower than previous estimates which range from $284 to $1,065 per year.
Author: Steve Vernon Publisher: Rest-Of-Life Communications ISBN: 9780985384661 Category : Business & Economics Languages : en Pages : 184
Book Description
Make Smart Choices with Your Social Security and Savings! Are you thinking about retiring soon, or have you recently retired? Don't Go Broke in Retirement, the latest in a series of acclaimed books by trusted retirement expert Steve Vernon, gets right to the point and shares an easy-to-follow, three-step plan that helps you answer these critical questions: Have you saved enough money to retire? When should you start your Social Security benefits? What's the best way to build lifetime income that's protected from financial crises? What living expenses should you reduce to make retirement more affordable? Based on the "Spend Safely in Retirement Strategy," the plan was developed from new research by the Stanford Center on Longevity and the Society of Actuaries. Learn why this strategy has garnered national attention and discover how the recent financial turmoil successfully stress-tested this plan, proving its effectiveness for managing retirement funds. Don't Go Broke in Retirement provides the information and tools you need to generate the most retirement income from your Social Security benefits and retirement savings, including: A simple, step-by-step checklist to help you put your plans into action Modifications to personalize the strategy for your goals and circumstances Access to bonus chapters to help you apply the strategies outlined in the book, including investing in retirement, navigating tax rules, and finding professional help with retirement funding strategies A list of helpful resources and research to learn more Don't worry about your retirement! Instead, develop solid financial strategies so you can confidently enjoy your retirement years.
Author: Gene Sperling Publisher: Penguin ISBN: 1984879898 Category : Political Science Languages : en Pages : 385
Book Description
“Timely and important . . . It should be our North Star for the recovery and beyond.” —Hillary Clinton “Sperling makes a forceful case that only by speaking to matters of the spirit can liberals root their belief in economic justice in people’s deepest aspirations—in their sense of purpose and self-worth.” —The New York Times When Gene Sperling was in charge of coordinating economic policy in the Obama White House, he found himself surprised when serious people in Washington told him that the Obama focus on health care was a distraction because it was “not focused on the economy.” How, he asked, was the fear felt by millions of Americans of being one serious illness away from financial ruin not considered an economic issue? Too often, Sperling found that we measured economic success by metrics like GDP instead of whether the economy was succeeding in lifting up the sense of meaning, purpose, fulfillment, and security of people. In Economic Dignity, Sperling frames the way forward in a time of wrenching change and offers a vision of an economy whose guiding light is the promotion of dignity for all Americans.
Author: Timothy F. Bresnahan Publisher: University of Chicago Press ISBN: 0226074188 Category : Business & Economics Languages : en Pages : 508
Book Description
New goods are at the heart of economic progress. The eleven essays in this volume include historical treatments of new goods and their diffusion; practical exercises in measurement addressed to recent and ongoing innovations; and real-world methods of devising quantitative adjustments for quality change. The lead article in Part I contains a striking analysis of the history of light over two millenia. Other essays in Part I develop new price indexes for automobiles back to 1906; trace the role of the air conditioner in the development of the American south; and treat the germ theory of disease as an economic innovation. In Part II essays measure the economic impact of more recent innovations, including anti-ulcer drugs, new breakfast cereals, and computers. Part III explores methods and defects in the treatment of quality change in the official price data of the United States, Canada, and Japan. This pathbreaking volume will interest anyone who studies economic growth, productivity, and the American standard of living.
Author: United States. Government Accountability Office Publisher: Nova Science Pub Incorporated ISBN: 9781604568127 Category : Business & Economics Languages : en Pages : 87
Book Description
The first wave of the 78 million member baby boom generation is now reaching retirement age. The number of people age 62, the earliest age of eligibility for Social Security retired worker benefits, is expected to be 21 percent higher in 2009 than in 2008. In addition, by 2030, the number of workers supporting each retiree is projected to be 2.2, down from 3.3 in 2006. This demographic shift poses challenges to the economy, federal tax revenues, the nation's old-age programs, and individuals' financial security in retirement. For those who are able to work longer, later retirement can strengthen the economy and also retiree incomes by postponing the time at which people will start drawing retirement benefits rather than working. A wide range of factors including the features of employers' benefit plans, personal finances, social norms, health, and individual attitudes influence workers' decisions about when to retire. Federal policies may also play a role: these include Social Security, Medicare, and tax policies related to certain private retiree health and defined benefit (DB) and defined contribution (DC) pension plans.1 Identifying both the incentives posed by these policies and the extent to which workers respond to them can help to inform policy makers as they consider ways to address the demographic challenges facing the nation. To determine the extent to which federal policiesdirectly and indirectly-pose incentives and are influencing individuals decisions about the age at which they retire, the authors have pursued the following questions: (1) What incentives do federal policies provide about when to retire? (2) What are the recent retirement patterns, and is there evidence that recent changes in Social Security requirements have resulted in later retirements? (3) Is there evidence that tax-favored private retiree health insurance and pension benefits have influenced when people retire? This is a revised and excerpted version.
Author: National Academies of Sciences, Engineering, and Medicine Publisher: National Academies Press ISBN: 0309452961 Category : Medical Languages : en Pages : 583
Book Description
In the United States, some populations suffer from far greater disparities in health than others. Those disparities are caused not only by fundamental differences in health status across segments of the population, but also because of inequities in factors that impact health status, so-called determinants of health. Only part of an individual's health status depends on his or her behavior and choice; community-wide problems like poverty, unemployment, poor education, inadequate housing, poor public transportation, interpersonal violence, and decaying neighborhoods also contribute to health inequities, as well as the historic and ongoing interplay of structures, policies, and norms that shape lives. When these factors are not optimal in a community, it does not mean they are intractable: such inequities can be mitigated by social policies that can shape health in powerful ways. Communities in Action: Pathways to Health Equity seeks to delineate the causes of and the solutions to health inequities in the United States. This report focuses on what communities can do to promote health equity, what actions are needed by the many and varied stakeholders that are part of communities or support them, as well as the root causes and structural barriers that need to be overcome.
Author: G. Constantinides Publisher: Elsevier ISBN: 9780444513632 Category : Business & Economics Languages : en Pages : 698
Book Description
Arbitrage, State Prices and Portfolio Theory / Philip h. Dybvig and Stephen a. Ross / - Intertemporal Asset Pricing Theory / Darrell Duffle / - Tests of Multifactor Pricing Models, Volatility Bounds and Portfolio Performance / Wayne E. Ferson / - Consumption-Based Asset Pricing / John y Campbell / - The Equity Premium in Retrospect / Rainish Mehra and Edward c. Prescott / - Anomalies and Market Efficiency / William Schwert / - Are Financial Assets Priced Locally or Globally? / G. Andrew Karolyi and Rene M. Stuli / - Microstructure and Asset Pricing / David Easley and Maureen O'hara / - A Survey of Behavioral Finance / Nicholas Barberis and Richard Thaler / - Derivatives / Robert E. Whaley / - Fixed-Income Pricing / Qiang Dai and Kenneth J. Singleton.
Author: Saku P. Aura
Author: Saku P. Aura
Author: 
Author: Steve Vernon
Author: 
Author: Gene Sperling
Author: 
Author: Timothy F. Bresnahan
Author: United States. Government Accountability Office
Author: National Academies of Sciences, Engineering, and Medicine
Author: G. Constantinides