We study the effect of incorporating heterogeneity into default rules by examining the choice between retirement plans at a firm that transitioned from a defined benefit (DB) to a defined contribution (DC) plan. The default plan for existing employees varied discontinuously depending on their...

Using a longitudinal administrative dataset from a large research university, we empirically evaluate the consequences of using stop the clock (STC) polices for the career success of tenure-track faculty. STC policies were introduced approximately 40 years ago, yet surprisingly little is known...

Using a longitudinal administrative dataset from a large research university, we empirically evaluate the consequences of using stop the clock (STC) polices for the career success of tenure-track faculty. STC policies were introduced approximately 40 years ago, yet surprisingly little is known...

Employer-provided pension plans may affect employee mobility both through an "incentive effect," where the bundle of benefit characteristics such as vesting rules, pension wealth accrual, risk, and liquidity affect turnover directly, and a "selection effect," where employees with different...

This paper examines the effect of incorporating individual-level heterogeneity into default rules for retirement plan selection. We use data from a large employer that transitioned from a defined benefit (DB) plan to a defined contribution (DC) plan, offering existing employees a choice of...

Many investment companies have begun providing their defined-contribution pension participants with individualized, retirement income projections. The U.S. Congress is currently considering whether to require them all to do so. Evidence on the potential impact is scant, though a large body of...

This paper empirically decomposes the costs of welfare participation using a model of labor supply and participation in multiple welfare programs. Prior estimates of the cost of welfare participation have not differentiated psychological costs, or stigma, from the effort required to become...