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A Note on Resource Testing and Temptation
Cagri Kumru, John Piggott and Athanasios C. Thanopoulos
WP 2016-340

This study analyzes the relative performance in terms of welfare of the current U.S. PAYG system compared to an array of cost equivalent alternative specifications of means-tested pension programs. We conduct our analysis under two different settings. While in the first setting, individuals have standard preferences, in the second setting individuals have self-control preferences. We show that the implications of the reform substantially differs across the two settings.

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