Life-cycle valuation of Social Security and pension wealth

Article Abstract:

Life-cycle theory can be reconciled with low investment in annuities by assuming that such holdings cannot be adjusted on the margin. For this reason, Bernheim proposed that simple discounting is better than acturial discounting for the valuation of annuities. Analysis of retirement behavior does support this view. However, the use of realistic mortality probabilities shows that simple discounting may be inefficent as well. Annuity benefits should thus be distinguished from marketable wealth when evaluating Social Security and pension wealth so as to avoid ambiguity.

Finance, Pensions, Retirement income, Retirement benefits, Annuities

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Cash welfare as a consumption smoothing mechanism for divorced mothers

Article Abstract:

The impact of Aid to Families with Dependent Children (AFDC) on consumption patterns of single mothers is examined to assess the effectiveness of AFDC as consumption insurance.

Administration of Human Resource Programs (except Education, Public Health, and Veterans' Affairs Programs), Income Security, Domestic economic assistance, Welfare, Public assistance, Aid to Families with Dependent Children Program

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