Gomes, Francisco; Kotlikoff, Laurence J.; Viceira, Luis M. - 2008
resolution. In so doing, they engender excess burden. This paper posits, calibrates, and simulates a life cycle model with … earnings, lifespan, investment return, and future policy uncertainty. It then measures the excess burden from delayed … portfolio decisions. It also reduces welfare. Indeed, we show that the excess burden of government indecision can, in this …