Wharton School: Business Economics & Public Policy (Topic)最新文献

The Impact of Oil and Gas Job Opportunities on Long Term Human Capital 油气行业就业机会对长期人力资本的影响

Wharton School: Business Economics & Public Policy (Topic) Pub Date : 2020-09-01 DOI: 10.2139/ssrn.3597176

Amanda Chuan

引用次数: 1

Responsible Sourcing: The First Step Is the Hardest 负责任的采购:第一步是最难的

Wharton School: Business Economics & Public Policy (Topic) Pub Date : 2020-07-20 DOI: 10.2139/ssrn.3656497

Pia Ramchandani, Hamsa Bastani, Ken Moon

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引用次数: 5

Cat Bonds and Other Risk-Linked Securities: Product Design and Evolution of the Market Cat债券和其他风险相关证券:产品设计和市场演变

Wharton School: Business Economics & Public Policy (Topic) Pub Date : 2012-01-03 DOI: 10.2139/ssrn.1997467

J. Cummins

引用次数: 37

Lifecycle Impacts of the Financial and Economic Crisis on Household Optimal Consumption, Portfolio Choice, and Labor Supply 金融和经济危机对家庭最优消费、投资组合选择和劳动力供给的生命周期影响

Wharton School: Business Economics & Public Policy (Topic) Pub Date : 2011-06-01 DOI: 10.2139/ssrn.1960657

Jingjing Chai, Raimond H Maurer, Olivia S. Mitchell, Ralph Rogalla

{"title":"Lifecycle Impacts of the Financial and Economic Crisis on Household Optimal Consumption, Portfolio Choice, and Labor Supply","authors":"Jingjing Chai, Raimond H Maurer, Olivia S. Mitchell, Ralph Rogalla","doi":"10.2139/ssrn.1960657","DOIUrl":"https://doi.org/10.2139/ssrn.1960657","url":null,"abstract":"The direct financial impact of the financial crisis has been to deal a heavy blow to investment-based pensions; many workers lost a substantial portion of their retirement saving. The financial sector implosion produced an economic crisis for the rest of the economy via high unemployment and reduced labor earnings, which reduced household contributions to Social Security and some private pensions. Our research asks which types of individuals were most affected by these dual financial and economic shocks, and it also explores how people may react by changing their consumption, saving and investment, work and retirement, and annuitization decisions. We do so with a realistically calibrated lifecycle framework allowing for time-varying investment opportunities and countercyclical risky labor income dynamics. We show that households near retirement will reduce both short- and long-term consumption, boost work effort, and defer retirement. Younger cohorts will initially reduce their work hours, consumption, saving, and equity exposure; later in life, they will work more, retire later, consume less, invest more in stocks, save more, and reduce their demand for private annuities.","PeriodicalId":355508,"journal":{"name":"Wharton School: Business Economics & Public Policy (Topic)","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125316315","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 25

Trust in Public Institutions Over the Business Cycle 商业周期中对公共机构的信任

Wharton School: Business Economics & Public Policy (Topic) Pub Date : 2011-03-01 DOI: 10.2139/ssrn.1787737

Betsey Stevenson, J. Wolfers

引用次数: 224

Bad Advice: Explaining the Persistence of Whole Life Insurance 坏建议:解释终身保险的持久性

Wharton School: Business Economics & Public Policy (Topic) Pub Date : 2011-02-08 DOI: 10.2139/ssrn.1786624

S. Anagol, Shawn Cole, Shayak Sarkar

{"title":"Bad Advice: Explaining the Persistence of Whole Life Insurance","authors":"S. Anagol, Shawn Cole, Shayak Sarkar","doi":"10.2139/ssrn.1786624","DOIUrl":"https://doi.org/10.2139/ssrn.1786624","url":null,"abstract":"We conduct a series of field experiments to evaluate two competing views of the role of financial intermediaries in providing product recommendations to potentially uninformed consumers. The first argues that financial intermediaries may provide valuable product education, helping consumers decide which of many complicated products is right for them. Even if commissions influence intermediary recommendations, consumers are sufficiently sophisticated to discount advice. The second, more sinister, view, argues that intermediaries recommend and sell products that maximize the agents well-being, with little regard to the need of the customer. Audit studies in the Indian insurance market find evidence consistent with the second view: agents recommend a product that provides them high commissions, though it is strictly dominated by alternative products. Consumers demonstrating lower levels of sophistication are more likely to be offered the wrong product. Finally, we exploit a natural experiment that occurred during out audits to test how disclosure requirements affect product recommendations. We find that requiring disclosure of commission levels makes agents less likely to recommend the product for which disclosure is required.","PeriodicalId":355508,"journal":{"name":"Wharton School: Business Economics & Public Policy (Topic)","volume":"15 4","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-02-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120929472","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 8

Longevity Risk Management in Singapore’s National Pension System 新加坡国家养老金制度的长寿风险管理

Wharton School: Business Economics & Public Policy (Topic) Pub Date : 2010-07-24 DOI: 10.2139/ssrn.1678079

Joelle H. Fong, O. Mitchell, Benedict S. K. Koh

引用次数: 1

The Optimal Design of Social Security Benefits 社会保障福利的优化设计

Wharton School: Business Economics & Public Policy (Topic) Pub Date : 2008-09-01 DOI: 10.2139/ssrn.1338197

Shin’ichi Nishiyama, Kent A. Smetters

引用次数: 15

Cost Structures of Investment Offerings in Singapore's Central Provident Fund 新加坡中央公积金投资产品的成本结构

Wharton School: Business Economics & Public Policy (Topic) Pub Date : 2007-05-01 DOI: 10.2139/SSRN.991652

Benedict S. K. Koh, O. Mitchell, Joelle H. Fong

引用次数: 0

Strategic Asset Allocation in Japan: An Empirical Evaluation 日本的战略性资产配置:一个实证评价

Wharton School: Business Economics & Public Policy (Topic) Pub Date : 2005-07-11 DOI: 10.2139/ssrn.755031

Tokuo Iwaisako, O. Mitchell, J. Piggott

{"title":"Strategic Asset Allocation in Japan: An Empirical Evaluation","authors":"Tokuo Iwaisako, O. Mitchell, J. Piggott","doi":"10.2139/ssrn.755031","DOIUrl":"https://doi.org/10.2139/ssrn.755031","url":null,"abstract":"This research seeks to provide a comprehensive picture of lifetime asset allocation in Japan. We evaluate patterns in the level and composition of assets by household type, taking account of home ownership and household claims on social security as well as financial assets and pensions. The analysis relies on a micro-data taken from the RADAR survey fielded by Nikkei, for the year 2000. The RADAR data are the only publicly available dataset to record financial asset holdings in any detail, with which we calculate housing equity as well as other forms of wealth. We supplement this with external information on pension and social security entitlements. The resulting picture attests to the importance of housing and social security in the portfolios of households approaching retirement. As well, we compare asset allocation patterns between those who are worse vs. better off, better vs. worse educated, married couples vs others, and dualearner vs. single earner couples. Our econometric analysis of asset allocation choice reinforces priors regarding Japanese lifecycle asset allocation patterns: households do invest conservatively, other than their family home; they are risk-averse in their allocation of financial assets; and they appear to over-invest in housing and life insurance, two assets which enjoy preferential bequest tax treatment. We argue that institutional, historical, and policy influences explain much of observed Japanese preferences for safe financial assets, and we offer suggestions for mechanisms that could increase household diversification.","PeriodicalId":355508,"journal":{"name":"Wharton School: Business Economics & Public Policy (Topic)","volume":"104 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2005-07-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122557529","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 16