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UID:8d882596b5d4eea1cde660a61cfdf0fa
CATEGORIES:Seminars
CREATED:20220428T151211
SUMMARY:Lunch Seminar: Barbara Biasi - Yale University, EIEF
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:The Value of Generous Pension Plans: Lessons From Public-School Teachers \n
 \n\nAbstract:\nMany public-sector US workers earn relatively low salaries b
 ut receive generous pensions upon retirement. This paper examines whether t
 his compensation structure is optimal from the perspective of workers’ welf
 are and how it impacts the composition of the workforce. Examining the shor
 t-run retirement responses to a reform that reduced salaries and future pen
 sion benefits of public school teachers in a staggered fashion, I estimate 
 retirement elasticities of salaries and pensions and use them to construct 
 bounds to the substitution effects of these two forms of compensation, allo
 wing them to be different. I find that workers are more responsive to chang
 es in salaries than to same-dollar changes in pensions. I also provide sugg
 estive evidence that a lack of salience of pension benefit changes could ex
 plain this result. Lastly, I use the estimated elasticities to evaluate the
  workforce composition effects of an alternative budget-saving policy that 
 reduces pensions more but leaves salaries unchanged. This policy would lead
  to fewer, older, and lower-quality teachers retiring compared with the act
 ual reform.\n
DTSTAMP:20260529T195149Z
DTSTART:20220510T130000Z
DTEND:20220510T140000Z
SEQUENCE:0
TRANSP:OPAQUE
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