We develop a model to study optimal decision making in the face of uncertainty about the timing and structure of a future event. The model is used to study optimal decision making and welfare when individuals face uncertainty about when and how Social Security will be reformed. When individuals...

The Senate Aging Committee and the Government Accountability Office (GAO) both encourage Congress to take a Rawlsian perspective when evaluating Social Security reform measures that are intended to cope with changing demographics. In their estimation, a desirable reform should not only balance...