-contribution (DC) plans that typically contain a minimum benefit guarantee (DC-MB). Risk management techniques must be used to control …-funding is very effective in controlling guarantee costs in traditional DB plans, it is highly ineffective for DC-MB plans. This … the S&P500. Calculations show that the true risk-adjusted value of unfunded guarantees in a realistic DC-MB plan equals 40 …

emissions. In the near-term, R&D investments, either by government or the private sector, can bring down the costs of these … technologies under uncertainty. Specifically, given two technologies, one with lower costs at present, but the other with greater …

fatality probability. Estimation results further suggest that the fatality risk is even higher if the striking vehicle is a … light truck (SUV, pickup truck, or minivan). We calculate that the value of the external risk generated by the gain in fleet …

finance topics. They identify regulatory risk as the top climate risk to businesses and investors over the next five years …, but they view physical risks as the top risk over the next 30 years. By an overwhelming margin, respondents believe that …

How do communication costs affect the production of new ideas and inventions? To answer this question, we study the … showing how a fall in communication costs can increase the rate at which scientific knowledge is exchanged and new ideas and …

This paper derives the dependency of optimal tariff and inflation tax on tax collection and enforcement costs. The … analysis is done for a small, open economy. The existence of such costs can justify tariff and inflation tax policies as … the costs of tax collection …

costs and quantities. Unfortunately, neither in ordinary language nor in the jargon of moral philosophy can such ultimate … desiderata as liberty and justice be related to costs or quantities. Hence in the first section we sketch a model of social …