The Effects of Pensions on Household Wealth: A Reevaluation of Theory and Evidence
重新评估养老金对家庭财富的影响，发现以往研究因计量偏差低估了养老金对其他财富的替代效应，修正偏差后替代效应显著增大，且影响因家庭而异。
This paper examines the extent to which households offset pension wealth with reductions in other wealth. Systematic econometric biases imply that the estimated offsets in previous empirical studies are smaller than the true offset and may even have the wrong sign. New empirical estimates that do not correct for the biases generate little offset between pensions and other wealth. Estimates that correct for the biases show substantially more offset (a smaller impact of pensions on overall saving) than in most previous studies. The estimates also indicate that the effects of pensions on wealth vary significantly across households.