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Life is Cheap : Using Mortality Bonds to Hedge Aggregate Mortality Risk

Friedberg, Leora - 2010

Using the widely-cited Lee-Carter mortality model, we quantify aggregate mortality risk as the risk that the average annuitant lives longer than is predicted by the model, and we conclude that annuity business exposes insurance companies to substantial mortality risk. We calculate that a markup...

Persistent link: https://www.econbiz.de/10012761756

The Effect of Old Age Assistance on Retirement

Friedberg, Leora - 2021

Researchers have devoted considerable attention to analyzing the impact of Social Security on retirement, with mixed findings. However, Old Age Assistance (OAA), a means-tested program established at the same time, dwarfed Social Security until the 1950s and coincided with the early decline in...

Persistent link: https://www.econbiz.de/10013226919

Explaining the Evolution of Pension Structure and Job Tenure

Friedberg, Leora; Owyang, Michael - 2022

defined benefit pensions, designed to reward long tenure, have become steadily less common. This paper uses a contract … of existing jobs relative to new jobs reduces expected match duration and thus the appeal of DB pensions. We show that …

Persistent link: https://www.econbiz.de/10013324475

Searching for Better Prospects : Endogenizing Falling Job Tenure and Private Pension Coverage

Friedberg, Leora; Owyang, Michael; Sinclair, Tara M. - 2022

Recent declines in job tenure have coincided with a shift away from traditional defined benefit (DB) pensions, which …-based contracts like DB pensions to reduce the incidence of costly on-the-job search by workers. Reduced search costs can, under … fairly general conditions, lower the value of deterring search and the use of DB pensions …

Persistent link: https://www.econbiz.de/10013324584