The Cost of Uncertainty About the Timing of Social Security Reform

@article{Caliendo2015TheCO,
  title={The Cost of Uncertainty About the Timing of Social Security Reform},
  author={F. Caliendo and Aspen Gorry and S. Slavov},
  journal={ERN: Other Microeconomics: Decision-Making under Risk \& Uncertainty (Topic)},
  year={2015}
}
We develop a model to study optimal decision making in the face of uncertainty about the timing and structure of a future event. The model is used to study optimal decision making and welfare when individuals face uncertainty about when and how Social Security will be reformed. For young individuals with many years to optimally hedge the risks that they face, the welfare cost of uncertainty about the timing and structure of reform is just a few basis points of total lifetime consumption. In… Expand

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