In May 2001, Germany adopted a fundamental pension reform cutting back public pensions and introducing personal pension accounts. The paper critically reviews the reform decisions and evaluates their long-term viability. It is shown that the adjustment of the Public Pension Scheme misses the...

This paper is based on a structural model of retirement and saving, estimated with data for a sample of married men in the Health and Retirement Study. The model simulates how various features of a system of personal Social Security accounts jointly affects retirement, saving, the choice of...

In this paper we use data from the Health and Retirement Study to examine differences in retirement behavior, wealth, Social Security and pension benefits by race and gender. The differences observed among groups are sometimes substantial. We then estimate models jointly explaining retirement...

We use experiments to assess the impact of different savings mechanisms in pension system design. The savings mechanisms are chosen with an eye to common features of European pension systems. We introduce a novel utility function in our experiments incorporating habit formation and loss...

In this paper we consider an overlapping generations model with endogenous fertility and two-sided altruism and show the limitations of applying commonly used open loop Nash equilibrium in characterizing equilibrium transfers from parents to children in the form of bequest and transfers from...

Ethical-factor investing is investment decision-making that takes into account ethical factors. Part 1 described the three prudent approaches to ethical-factor investing: (1) the Incorporation approach, which does the right thing only if it improves financial returns; (2) the Tie-Breaker...

Ethical-factor investing is investment decision-making that takes into account ethical factors. It includes faith-based investing, Environmental, Social or Governance (ESG) investing, and sustainable investing. It is becoming more and more widespread. This has occurred despite a lack of widely...