In spite of exhaustive research by many analysts on the data generated by the NIT experiments, uncertainty remains over whether work reductions in the experiments should be considered "large" or "small." The authors of this paper argue that this uncertainty arises in part because different...

The recent financial crisis and historical record suggest important lessons about the design of national pension systems. First, wide fluctuation in asset returns makes it hard for well-informed savers to select a saving rate or a sensible investment strategy for DC pensions. Workers who follow...