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UID:8d882596b5d4eea1cde660a61cfdf0fa
CATEGORIES:Seminars
CREATED:20220428T151211
SUMMARY:Lunch Seminar: Barbara Biasi - Yale University, EIEF
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:<p style="text-align: justify;"><strong>The Value of Generous Pension Plans
 : Lessons From Public-School Teachers </strong></p><p>Abstract:</p><p style
 ="text-align: justify;">Many public-sector US workers earn relatively low s
 alaries but receive generous pensions upon retirement. This paper examines 
 whether this compensation structure is optimal from the perspective of work
 ers’ welfare and how it impacts the composition of the workforce. Examining
  the short-run retirement responses to a reform that reduced salaries and f
 uture pension benefits of public school teachers in a staggered fashion, I 
 estimate retirement elasticities of salaries and pensions and use them to c
 onstruct bounds to the substitution effects of these two forms of compensat
 ion, allowing them to be different. I find that workers are more responsive
  to changes in salaries than to same-dollar changes in pensions. I also pro
 vide suggestive evidence that a lack of salience of pension benefit changes
  could explain this result. Lastly, I use the estimated elasticities to eva
 luate the workforce composition effects of an alternative budget-saving pol
 icy that reduces pensions more but leaves salaries unchanged. This policy w
 ould lead to fewer, older, and lower-quality teachers retiring compared wit
 h the actual reform.</p>
DTSTAMP:20260529T195152Z
DTSTART:20220510T130000Z
DTEND:20220510T140000Z
SEQUENCE:0
TRANSP:OPAQUE
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