A stock-bonus plan with a provision to permit diversification can come close to replicating the classic default risks in defined-benefit pension plans. The diversification formula is a function of a worker's service in the company and the particular features of the defined benefit (DB) plan that...

Children born in lower socioeconomic strata are more likely to engage in consumption habits that are deleterious to adult health, less likely to attain higher levels of education, and more likely to have lower income and wealth as adults. More recent epidemiological studies suggest a perhaps...

The paper reports on the results of a study of the health status of 4,917 middle age couples in the HRS. The main finding is that savings propensity appears to be a key component to health outcome. Savers make consumption choices that improve their health, accumulate fewer ailments and enjoy...

This paper uses data from the Health and Retirement Survey to measure the effects of alcohol on the incidence of morbidity and death. The study is able to reproduce the implied benefits of engaging in moderate levels of alcohol consumption, even after controlling for a large number of...

The evidence since the mid 1980s contradicts the axiom that firms maximize the arbitrage value of the tax-exempt pension fund. Instead, it suggests the emergence of a new minimum-funding paradigm. A prominent candidate to explain the change is a sequence of escalating reversion taxes enacted...