Overview of the Issue

Jeffrey R Brown, Steven Haberman, Moshe Milevsky, Mike Orszag

Research output: Contribution to journalArticle


This issue features three original research articles and an issues & policy article. The first article in the issue is by David McCarthy (Oxford University, UK). A Life Cycle Analysis of Defined Benefit Plans examines optimal benefit design within the context of a lifecycle model. The model finds that the structure of defined benefit plans is unlikely to be optimal for younger workers. The intuition is straightforward: defined benefit pensions depend heavily on the evolution of a worker's human capital and young workers are already heavily exposed to human capital risks. Older workers however may find wage indexed claims to be more valuable as most other human capital uncertainty has vanished.

Original languageEnglish (US)
Pages (from-to)97-98
Number of pages2
JournalJournal of Pension Economics and Finance
Issue number2
StatePublished - Jul 2003
Externally publishedYes

ASJC Scopus subject areas

  • Finance
  • Economics and Econometrics
  • Organizational Behavior and Human Resource Management

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