How Much Are Public School Teachers Willing to Pay for Their Retirement Benefits?
利用伊利诺伊州公立学校员工购买额外养老金的机会，估计员工对退休福利的支付意愿，发现平均每增加1美元预期退休福利现值，员工只愿支付20美分，表明薪酬存在低效问题。
Public sector employees receive large fractions of their lifetime income in the form of deferred compensation. The introduction of the opportunity provided to Illinois public school employees to purchase additional pension benefits allows me to estimate employees' willingness-to-pay for benefits relative to the cost of providing them. The results show employees are willing to pay 20 cents on average for a dollar increase in the present value of expected retirement benefits. The findings suggest substantial inefficiency in compensation and cast doubt on the ability of deferred compensation schemes to attract employees.