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Does the Internet Make Markets More Competitive? Evidence from the Life Insurance Industry
The Internet has the potential to significantly reduce search costs by allowing consumers to engage in low-cost price comparisons online. This paper provides empirical evidence on the impact that theExpand
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Executive Financial Incentives and Payout Policy: Firm Responses to the 2003 Dividend Tax Cut
Using the 2003 reduction in dividend tax rates to identify an exogenous change in the after-tax value of dividends to shareholders, we test whether stock holdings among company executives is anExpand
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Why Don't People Insure Late Life Consumption: A Framing Explanation of the Under-Annuitization Puzzle
Rational models of risk-averse consumers have difficulty explaining limited annuity demand. We posit that consumers evaluate annuity products using a narrow "investment frame" that focuses on riskExpand
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Supply or Demand: Why is the Market for Long-Term Care Insurance so Small?
Long-term care represents one of the largest uninsured financial risks facing the elderly in the United States. Whether the small size of this market is driven primarily by supply side marketExpand
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How University Endowments Respond to Financial Market Shocks: Evidence and Implications
Endowment payouts have become an increasingly important component of universities’ revenues in recent decades. We test two leading theories of endowment payouts: (1) universities smooth endowmentExpand
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Discounting State and Local Pension Liabilities
Defined benefit (DB) pension plans continue to dominate the retirement landscape for the roughly 20 million state and local government workers in the United States. In most state and local plans,Expand
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Long-term care insurance demand limited by beliefs about needs, concerns about insurers, and care available from family.
In spite of the high costs and major financial risks involved in long-term care, the majority of older Americans do not own long-term care insurance. We conducted a survey designed to learn moreExpand
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The Effect of Inheritance Receipt on Retirement
This paper provides new evidence on how wealth shocks influence retirement behavior. Economic theory generally posits that leisure is a normal good, yet it is difficult to obtain reliable empiricalExpand
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The Effect of Inheritance Receipt on Retirement
This paper uses the receipt of an inheritance to measure the effect of wealth shocks on retirement. Using the Health and Retirement Study (HRS), we first document that inheritance receipt is commonExpand
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Longevity-Insured Retirement Distributions from Pension Plans: Market and Regulatory Issues
This paper explores the extent to which retirees can and do insure themselves against longevity risk in private pension plans. We first review the theoretical and empirical results on the value ofExpand
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