Replication data for: The Welfare Cost of Perceived Policy Uncertainty: Evidence from Social Security
Principal Investigator(s): View help for Principal Investigator(s) Erzo F. P. Luttmer; Andrew A. Samwick
Version: View help for Version V1
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| 2015-1703_Data | 12/07/2019 07:37:AM | ||
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text/plain | 14.6 KB | 12/07/2019 02:37:AM |
Project Citation:
Luttmer, Erzo F. P., and Samwick, Andrew A. Replication data for: The Welfare Cost of Perceived Policy Uncertainty: Evidence from Social Security. Nashville, TN: American Economic Association [publisher], 2018. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-12-07. https://doi.org/10.3886/E116182V1
Project Description
Summary:
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Policy uncertainty reduces individual welfare when individuals have limited opportunities to mitigate or insure against the resulting consumption fluctuations. We field an original survey to measure the degree of perceived policy uncertainty in Social Security benefits and to estimate the impact of this uncertainty on individual welfare. Our central estimates show that on average individuals are willing to forgo 6 percent of the benefits they are supposed to get under current law to remove the policy uncertainty associated with their future Social Security benefits. This translates to a risk premium from policy uncertainty equal to 10 percent of expected benefits.
Scope of Project
JEL Classification:
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D14 Household Saving; Personal Finance
D81 Criteria for Decision-Making under Risk and Uncertainty
H55 Social Security and Public Pensions
D14 Household Saving; Personal Finance
D81 Criteria for Decision-Making under Risk and Uncertainty
H55 Social Security and Public Pensions
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