Description: This paper suggests a possible framework for the mandatory annuitization of U.S. retirement savings, considers the experience of other countries and analyzes the advantages and disadvantages of mandatory annuitization.

Description: Expert discussion of two previous papers: Increased Longevity and the Challenge of Determining Qx at Extreme Ages - Part 2 Mortality at Advanced Ages in the U.K. Gallop and MacDonald, and Coping with Longevity - The New German Annuity Valuation Table DAV 2004 R Pasdika and Wolff. From 2005 Living to 100 and Beyond Monograph, M-LI05-1.

Description: Abstract for the 2008 ERM Monograph Paper, “The Value of Enterprise Risk Management: Evidence from the U.S. Insurance Industry”

Description: The table of contents for the Winter 2000 issue of the Conversations newsletter.

Description: The Annual Reports of the Trustees, for the Social Security Trust Funds, are cornucopia of data. However, the major focus is on projections expressed as a percentage of payroll. The purpose of this paper is to suggest that additional measures - which would supplement, rather than replace the percentage of payroll data - should be examined to evaluate the projected effect of the cash benefits OASDI program.

Description: Mortality in the U.S. states at ages 80 and older and over years 1959–2011 analyzed and compared with mortality levels in 13 high-longevity countries.

Description: Paper estimates the burden of chronic disability on the U.S. elderly population, using sex-specific measures of long-term care LTC service use, intensity and costs.

Description: An essay suggesting a health care financing system.

Description: The values of life insurance and annuity liabilities move in opposite directions in response to a change in the underlying mortality. Natural hedging utilizes this to stabilize aggregate liability cash flows. Our study shows empirical evidence that insurers who utilize natural hedging also charge lower premiums than otherwise similar insurers. This indicates that insurers who are able to utilize natural hedging have a competitive advantage. In addition, we show how a mortality swap might be used to provide the benefits of natural hedging to a firm that writes only one of the lines of business.

Description: This paper measures the extent to which specific firms have implemented ERM programs and assesses the value implications of these programs. We find a positive relation between firm value and the use of ERM. The ERM premium is statistically and economically significant and approximately 17 percent of firm value.