@article {8938,
	title = {Framing and Claiming: How Information-Framing Affects Expected Social Security Claiming Behavior},
	journal = {Journal of Risk and Insurance},
	volume = {83},
	year = {2016},
	month = {Jan-01-2016},
	pages = {139 - 162},
	abstract = {This article provides evidence that Social Security benefit claiming decisions are strongly affected by framing and are thus inconsistent with expected utility theory. Using a randomized experiment that controls for both observable and unobservable differences across individuals, we find that the use of a {\textquotedblleft}breakeven analysis{\textquotedblright} encourages early claiming. Respondents are more likely to delay when later claiming is framed as a gain, and the claiming age is anchored at older ages. Additionally, the financially less literate, individuals with credit card debt, and those with lower earnings are more influenced by framing than others.},
	doi = {10.1111/jori.v83.110.1111/j.1539-6975.2013.12004.x},
	url = {http://doi.wiley.com/10.1111/jori.v83.1http://doi.wiley.com/10.1111/j.1539-6975.2013.12004.xhttps://api.wiley.com/onlinelibrary/tdm/v1/articles/10.1111\%2Fj.1539-6975.2013.12004.x},
	author = {Brown, Jeffrey R. and Arie Kapteyn and Olivia S. Mitchell}
}
@article {7532,
	title = {The Effect of Inheritance Receipt on Retirement},
	journal = {Review of Economics and Statistics},
	volume = {92},
	year = {2010},
	pages = {425-434},
	publisher = {92},
	abstract = {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 empirical estimates of the wealth effect because wealth is correlated with numerous unobservable characteristics that affect labor supply. We use inheritance receipt as a wealth shock and find that it is associated with a significant increase in the probability of retirement, especially when the inheritance is unexpected. This evidence has important implications for how public policies, such as pension or tax reform, may influence retirement behavior through the wealth effect.},
	keywords = {Adult children, Employment and Labor Force, Net Worth and Assets, Other, Retirement Planning and Satisfaction},
	doi = {10.1162/rest.2010.11182},
	author = {Brown, Jeffrey R. and Courtney Coile and Weisbenner, Scott J}
}
@article {5713,
	title = {Who Values the Social Security Annuity? New evidence on the annuity puzzle},
	number = {13800},
	year = {2008},
	institution = {National Bureau of Economic Research },
	address = {Cambridge, MA},
	abstract = {We examine individuals{\textquoteright} self-reported willingness to exchange part of their Social Security inflation-indexed annuity benefit for an immediate lump-sum payment, using an experimental module in the 2004 Health and Retirement Study. Our first finding is that nearly three out of five respondents favor the lump-sum payment if it were approximately actuarially fair, a finding that casts doubt on several leading explanations for why more people do not annuitize. Second, there is some modest price sensitivity and evidence consistent with adverse selection; in particular, people in better health and having more optimistic longevity expectations are more likely to choose the annuity. Third, after controlling on education, more financially literate individuals prefer the annuity. Fourth, people anticipating future Social Security benefit reductions are more likely to choose the lump-sum, suggesting that political risk matters. Other factors such as sex, marital status, income, wealth, or the presence of children are not associated with respondents{\textquoteright} relative preferences for the annuity versus the lump-sum.},
	keywords = {Methodology, Net Worth and Assets, Pensions, Social Security},
	doi = {10.3386/w13800},
	author = {Brown, Jeffrey R. and Casey, Marcus D. and Olivia S. Mitchell}
}
@inbook {5172,
	title = {Are the Elderly Really Over-Annuitized? New Evidence on Life Insurance and Bequests},
	booktitle = {Themes in the Economics of Aging},
	year = {2001},
	note = {ProCite field 6 : In ProCite field 8 : ed.},
	publisher = {University of Chicago Press},
	organization = {University of Chicago Press},
	address = {Chicago},
	abstract = {This paper assesses the validity of the claim that elderly individuals with strong bequest motives purchase term life insurance to offset mandatory annuitization by the Social Security System.  The annuity offset model is re-examined using better, more recent data.  Results demonstrate that the elderly do not hold life insurance to offset mandated annuitization.  All four of the major implications of the annuity offset model fail empirical testing.  The model does not explain life insurance behavior of elderly households and the fact that many elderly households own term life insurance is not a sufficient reason to argue against mandatory annuitization of retirement resources.  Further research is being conducted using the AHEAD data in order to find other explanations for why the elderly hold life insurance.},
	keywords = {Adult children, Demographics, Insurance, Net Worth and Assets},
	url = {http://www.nber.org/papers/w7193},
	author = {Brown, Jeffrey R.},
	editor = {David A Wise}
}
@article {5437,
	title = {Longevity-Insured Retirement Distributions from Pension Plans: Market and Regulatory Issues},
	number = {8064},
	year = {2001},
	institution = {The National Bureau of Economic Research},
	address = {Cambridge, MA},
	abstract = {Increasing average longevity and the trend toward early retirement make the risk of outliving one{\textquoteright}s resources more widespread among the elderly population. Annuities insure individuals against financial risks associated with longevity uncertainty.  This paper explores the extent to which retirees can and do insure themselves against longevity risk in private pension plans. The shift from defined benefit (DB) plans to defined contribution (DC) plans means a reduction in the opportunities available to retirees to annuitize retirement assets because only a small number of DC plans include life annuity as a payout option. The paper discusses some of the options available to policy makers interested in increasing the annuitization rates.},
	keywords = {Demographics, Health Conditions and Status, Insurance},
	url = {http://www.nber.org/papers/w8064},
	author = {Brown, Jeffrey R. and Mark J. Warshawsky}
}
@article {6755,
	title = {Private Pensions, Mortality Risk, and the Decision to Annuitize},
	journal = {Journal of Public Economics},
	volume = {82},
	year = {2001},
	publisher = {82},
	keywords = {Net Worth and Assets, Pensions},
	doi = {10.1016/S0047-2727(00)00152-3},
	author = {Brown, Jeffrey R.}
}
@article {5423,
	title = {Differential Mortality and the Value of Individual Account Retirement Annuities},
	year = {2000},
	note = {RDA; National Institute of Aging and the National Bureau of Economic Research},
	institution = {National Bureau of Economic Research, NBER Working Paper 7560},
	abstract = {This paper examines the extent of redistribution that would occur under various annuity and bequest options as part of an individual accounts retirement program. I first estimate mortality differentials by gender, race, ethnicity and level of education using the National Longitudinal Mortality Study and document substantial differences. I then use these estimates to examine the  expected transfers  that would take place between socioeconomic groups under different assumptions about the structure of an annuity program. Using an expected present discounted value or  money s worth  calculation as the basis for comparison, I find that the size of transfers in an individual accounts program is highly sensitive to the benefit structure. For example, mandating a single-life, real annuity can result in expected transfers of as high as 20  of the account balance, often from economically disadvantaged groups toward groups that are better off. These transfers can be substantially reduced through the use of joint life annuities, survivor provisions and bequest options. For example, the largest expected negative transfer under a joint and full survivor annuity with a fully valued 20-year guarantee option is only 2  of the account balance. However, efforts to reduce the extent of redistribution generally do so at the cost of significantly lower annuity benefits paid to the individuals who contribute to the system.},
	keywords = {Income, Net Worth and Assets},
	url = {http://www.nber.org/papers/},
	author = {Brown, Jeffrey R.}
}
@article {5422,
	title = {How Should We Insure Longevity Risk in Pensions and Social Security?},
	number = {IB$\#$4},
	year = {2000},
	institution = {Center for Retirement Research at Boston College},
	address = {Boston},
	keywords = {Health Conditions and Status, Pensions, Social Security},
	url = {https://crr.bc.edu/briefs/how-should-we-insure-longevity-risk-in-pensions-and-social-security/},
	author = {Brown, Jeffrey R.}
}
@article {8628,
	title = {Mortality Risk, Inflation Risk, and Annuity Products},
	number = {7812},
	year = {2000},
	month = {07/2000},
	pages = {1-34},
	institution = {National Bureau of Economic Research},
	address = {Cambridge, MA},
	abstract = {As growing numbers of retirees reach retirement age with substantial balances in self-directed retirement plans, annuities are likely to become increasingly important instruments for drawing down retirement savings. This study explores recent trends in the pricing of single-premium annuity products in the United States. Virtually all of the annuity products currently available in the United States offer fixed nominal payouts, rather than an inflation-linked payout stream. After describing the money{\textquoteright}s worth{\textquoteright} of the various types of nominal annuity products, this study considers the extent to which existing U.S. private annuity markets provide retirees with inflation-protected retirement income flows. Although there is effectively no market yet for inflation-indexed annuities in the United States, such products are available in other countries. The paper concludes by summarizing recent data on the pricing of both nominal and inflation-linked annuities in the United Kingdom and several other nations.},
	keywords = {Annuitization, Mortality, Older Adults, Risk Factors},
	url = {https://www.nber.org/papers/w7812.pdf},
	author = {Brown, Jeffrey R. and Olivia S. Mitchell and James M. Poterba}
}
@article {10707,
	title = {New Evidence on the Money{\textquoteright}s Worth of Individual Annuities},
	journal = {The American Economic Review},
	volume = {89},
	year = {1999},
	pages = {1299-1318},
	type = {Journal},
	keywords = {Age, Annuity payments, Income taxes, Insurance premiums, Life annuities, Life insurance, Life Tables, Men, Mortality rates},
	isbn = {00028282},
	url = {https://www.jstor.org/stable/117059?seq=1},
	author = {Olivia S. Mitchell and James M. Poterba and Mark J. Warshawsky and Brown, Jeffrey R.}
}
