International Foundation of Employee Benefit Plans Professor; Professor of Insurance and Risk Management and Business and Public Policy; Executive Director, Pension Research Council; Director, Boettner Center for Pensions and Retirement Research
Research Areas
International private and social insurance; employee benefits and compensation; economics of public and private pensions; risk and crisis management; health/retirement analysis and policy; labor economics and public finance
Current Projects
Global social security and pension reform; financial and health literacy and retirement preparedness; wealth, health, and retirement; annuities and health insurance.
Representative Publications
(with Gary Anderson eds.)
The Future of Public Employee Retirement Systems. Oxford University Press. Forthcoming.
(with Wolfram Horneff, Raimond Maurer, and Michael Stamos).
“Asset Allocation and Location over the Life Cycle with Survival-Contingent Payouts.”Journal of Banking and Finance. Forthcoming.
(with Raimond Maurer and Ralph Rogalla).
“Managing Contribution and Capital Market Risk in a Funded Public Defined Benefit Plan: Impact of CVaR Cost Constraints.” Insurance: Mathematics & Economics. Forthcoming.
(with John Piggott and Satoshi Shimizutani)
“An Empirical Analysis of Patterns in the Japanese Long-Term Care Insurance System.” Geneva Papers on Risk and Insurance. Forthcoming.
(with Wolfram Horneff, Raimond H. Maurer, and Michael Z. Stamos).
“Variable Payout Annuities and Dynamic Portfolio Choice in Retirement.” Journal of Pension Economics and Finance. Forthcoming.
(with Bei Lu and John Piggott).
“Notional Defined Contribution Pension and Public Reserve Funds in Ageing Economies.” International Social Security Review. Forthcoming.
(with M. Pauly and P. Zeng)
“Death Spiral or Euthanasia? The Demise of Generous Group Health Insurance Coverage.” Inquiry. (44)4: 412-427 (Winter 2007).
(with B. Koh, T. Tanuwidjaja and J. Fong.)
“Investment Patterns in Singapore’s CPF Central Provident Fund.” Journal of Pension Economics and Finance. 7(1): 1-29 (March 2007).
(with W. Horneff, R. Maurer, and I. Dus)
“Following the Rules: Integrating Asset Allocation and Annuitization in Retirement Portfolios." Insurance: Mathematics and Economics. 42: 396-408 (2007).
(with A. Lusardi)
“Baby Boomer Retirement Security: The Roles of Planning, Financial Literacy, and Housing Wealth.” Journal of Monetary Economics. (January 2007).
(with H. Jin and J. Piggott)
“Socially Responsible Investment in Japanese Pensions.” Pacific-Basin Finance Journal. (November 2006-Lead article).
(with A. Muermann and J. Volkman)
“Regret, Portfolio Choice, and Guarantees in Defined Contribution Schemes.” Insurance: Mathematics and Economics. (2006).
Education
PhD, University of Wisconsin-Madison, 1978; MA, University of Wisconsin-Madison, 1976; BA, Harvard University,1974
Recent Consulting
ESRI-Japanese Government; InterAmerican Development Bank; U.S. Social Security Administration; U.S. Government Accounting Office; U.S. Treasury; World Bank
Career and Recent Professional Awards; Teaching Awards
Roger F. Murray Prize, Institute for Quantitative Research in Finance; Carolyn Shaw Bell Award of the Committee on the Status of Women in the Economics Profession; Fidelity Pyramid Research Institute Award; Doctorate (Honorary), University of St. Gallen; INA International Prize for Insurance Sciences from the Instituto Nazionale Delle Assicurazioni/Accademia Nazionale dei Lincei; TIAA-CREF/Paul A. Samuelson Award for Outstanding Scholarly Writing on Lifelong Financial Security; various research awards and grants for research on retirement and pension economics.
Academic Positions Held
Wharton: 1993-present: International Foundation of Employee Benefit Plans Professor and Executive Director Pension Research Council; Chair Insurance and Risk Management Department, 2008-present; Director, Boettner Center for Pensions and Retirement Research, 2003-present. Previous appointments: Cornell University; Harvard University. Visiting appointment: University of New South Wales, Australia; Goethe Universitat of Frankfurt; Celia Moh Visiting Professor, Singapore Management University
Other Positions
Research Associate, National Bureau of Economic Research
Professional Leadership 2005-2009
Co-PI for Health and Retirement Study; Executive Committee, Michigan Retirement Research Center Advisory Committee, Centre for Pensions and Superannuation, University of New South Wales; Advisory Board Netspar, Netherlands; Board of Editors, Journal of Pension Economics and Finance; Board of Editors, Journal of Pensions Management; Board of Editors, Industrial and Labor Relations Review; Senior Fellow, Wharton Financial Institutions Center; Senior Fellow, Leonard Davis Institute.
Corporate and Public Sector Leadership 2005-2009
Executive Committee, American Economic Association; Trustee of the Wells Fargo Advantage Trust Boards; Central Provident Fund Advisory Board of Singapore
