This paper provides a state-of-the-art overview of defined contribution retirement plan design for academics, policy makers, and industry participants. I begin by considering the impact of basic plan design on participation rates, contribution rates, and portfolio choice, both overall and among employees with lower levels of financial literacy. Next, I consider the short-term and longer-term impacts of automatic enrollment and default investment options, including potential negative effects with respect to participant engagement. I also ask how the framing of plan features and plan communication can impact participant behavior. Finally, I examine recent plan changes including the integration of life annuities into retirement plans and target date funds (TDFs), managed accounts as alternatives to TDFs, emergency savings accounts, state-sponsored retirement plans, and national legislation like SECURE 2.0 that is intended to increase plan access and opportunities for employer matches.
{"title":"Plan Design and Participant Behavior in Defined Contribution Retirement Plans: Past, Present, and Future","authors":"Jonathan Reuter","doi":"10.3386/w32653","DOIUrl":"https://doi.org/10.3386/w32653","url":null,"abstract":"This paper provides a state-of-the-art overview of defined contribution retirement plan design for academics, policy makers, and industry participants. I begin by considering the impact of basic plan design on participation rates, contribution rates, and portfolio choice, both overall and among employees with lower levels of financial literacy. Next, I consider the short-term and longer-term impacts of automatic enrollment and default investment options, including potential negative effects with respect to participant engagement. I also ask how the framing of plan features and plan communication can impact participant behavior. Finally, I examine recent plan changes including the integration of life annuities into retirement plans and target date funds (TDFs), managed accounts as alternatives to TDFs, emergency savings accounts, state-sponsored retirement plans, and national legislation like SECURE 2.0 that is intended to increase plan access and opportunities for employer matches.","PeriodicalId":21855,"journal":{"name":"SSRN Electronic Journal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2024-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141702784","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"McCarthyism, Media, and Political Repression: Evidence from Hollywood","authors":"Hui Ren Tan, Tianyi Wang","doi":"10.3386/w32682","DOIUrl":"https://doi.org/10.3386/w32682","url":null,"abstract":"","PeriodicalId":21855,"journal":{"name":"SSRN Electronic Journal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2024-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141689861","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Diverse Paths to College Success: The Impact of Massachusetts' Urban and Nonurban Charter Schools on College Trajectories","authors":"Sarah R. Cohodes, Astrid Pineda","doi":"10.3386/w32732","DOIUrl":"https://doi.org/10.3386/w32732","url":null,"abstract":"","PeriodicalId":21855,"journal":{"name":"SSRN Electronic Journal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2024-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141844194","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Laura Kawano, Bruce Sacerdote, William L. Skimmyhorn, Michael Stevens
{"title":"On the Determinants of Young Adult Outcomes: Impacts of Randomly Assigned Neighborhoods For Children in Military Families","authors":"Laura Kawano, Bruce Sacerdote, William L. Skimmyhorn, Michael Stevens","doi":"10.3386/w32674","DOIUrl":"https://doi.org/10.3386/w32674","url":null,"abstract":"","PeriodicalId":21855,"journal":{"name":"SSRN Electronic Journal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2024-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141845135","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Billionaire Superstar: Public Image and Demand for Taxation","authors":"Ricardo Perez-Truglia, Jeffrey Yusof","doi":"10.2139/ssrn.4892458","DOIUrl":"https://doi.org/10.2139/ssrn.4892458","url":null,"abstract":"","PeriodicalId":21855,"journal":{"name":"SSRN Electronic Journal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2024-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141846003","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Bocar A. Ba, Abdoulaye Ndiaye, Roman G. Rivera, Alexander Whitefield
{"title":"Mispricing Narratives after Social Unrest","authors":"Bocar A. Ba, Abdoulaye Ndiaye, Roman G. Rivera, Alexander Whitefield","doi":"10.3386/w32730","DOIUrl":"https://doi.org/10.3386/w32730","url":null,"abstract":"","PeriodicalId":21855,"journal":{"name":"SSRN Electronic Journal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2024-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141838683","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Intellectual Property and Creative Machines","authors":"Gaétan de Rassenfosse, Adam Jaffe, Joel Waldfogel","doi":"10.3386/w32698","DOIUrl":"https://doi.org/10.3386/w32698","url":null,"abstract":"","PeriodicalId":21855,"journal":{"name":"SSRN Electronic Journal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2024-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141850260","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-07-01DOI: 10.47004/wp.cem.2024.1523
Agnes Norris Keiller, Á. D. Paula, J. V. Reenen
Standard methods for estimating production functions in the Olley and Pakes (1996) tradition require assumptions on input choices. We introduce a new method that exploits (increasingly available) data on a firm's expectations of its future output and inputs that allows us to obtain consistent production function parameter estimates while relaxing these input demand assumptions. In contrast to dynamic panel methods, our proposed estimator can be implemented on very short panels (including a single cross-section), and Monte Carlo simulations show it outperforms alternative estimators when firms' material input choices are subject to optimization error. Implementing a range of production function estimators on UK data, we find our proposed estimator yields results that are either similar to or more credible than commonly-used alternatives. These differences are larger in industries where material inputs appear harder to optimize. We show that TFP implied by our proposed estimator is more strongly associated with future jobs growth than existing methods, suggesting that failing to adequately account for input endogeneity may underestimate the degree of dynamic reallocation in the economy.
{"title":"Production function estimation using subjective expectations data","authors":"Agnes Norris Keiller, Á. D. Paula, J. V. Reenen","doi":"10.47004/wp.cem.2024.1523","DOIUrl":"https://doi.org/10.47004/wp.cem.2024.1523","url":null,"abstract":"Standard methods for estimating production functions in the Olley and Pakes (1996) tradition require assumptions on input choices. We introduce a new method that exploits (increasingly available) data on a firm's expectations of its future output and inputs that allows us to obtain consistent production function parameter estimates while relaxing these input demand assumptions. In contrast to dynamic panel methods, our proposed estimator can be implemented on very short panels (including a single cross-section), and Monte Carlo simulations show it outperforms alternative estimators when firms' material input choices are subject to optimization error. Implementing a range of production function estimators on UK data, we find our proposed estimator yields results that are either similar to or more credible than commonly-used alternatives. These differences are larger in industries where material inputs appear harder to optimize. We show that TFP implied by our proposed estimator is more strongly associated with future jobs growth than existing methods, suggesting that failing to adequately account for input endogeneity may underestimate the degree of dynamic reallocation in the economy.","PeriodicalId":21855,"journal":{"name":"SSRN Electronic Journal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2024-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141852254","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Bram van der Kroft, Juan Palacios, Roberto Rigobon, Siqi Zheng
{"title":"Timing Sustainable Engagement in Real Asset Investments","authors":"Bram van der Kroft, Juan Palacios, Roberto Rigobon, Siqi Zheng","doi":"10.2139/ssrn.4883596","DOIUrl":"https://doi.org/10.2139/ssrn.4883596","url":null,"abstract":"","PeriodicalId":21855,"journal":{"name":"SSRN Electronic Journal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2024-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141705537","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Christopher Carpenter, Lucas Goodman, Maxine J. Lee
{"title":"Transgender Earnings Gaps in the United States: Evidence from Administrative Data","authors":"Christopher Carpenter, Lucas Goodman, Maxine J. Lee","doi":"10.3386/w32691","DOIUrl":"https://doi.org/10.3386/w32691","url":null,"abstract":"","PeriodicalId":21855,"journal":{"name":"SSRN Electronic Journal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2024-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141704242","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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