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The Cost of Uncertainty about the Timing of Social Security Reform / Frank N. Caliendo, Aspen Gorry, Sita Slavov.
- Format:
- Book
- Author/Creator:
- Caliendo, Frank N.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w21585.
- NBER working paper series no. w21585
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2015.
- Summary:
- 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. When individuals save optimally for retirement, the welfare cost of uncertainty about the timing and structure of reform is just a few basis points of total lifetime consumption. In contrast, the cost of reform uncertainty can be greater than 1% of total lifetime consumption for individuals who do not save.
- Notes:
- Print version record
- September 2015.
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