NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Barry J. Nalebuff

SOM
Yale University, Box 1A
New Haven, CT 06520

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NBER Working Papers and Publications

June 2008Life-cycle Investing and Leverage: Buying Stock on Margin Can Reduce Retirement Risk
with Ian Ayres: w14094
This paper is no longer available on-line from the NBER. A revised version of the paper has been published as "Diversification Across Time" in the Journal of Portfolio Management 39 (Winter 2013), pp.73-86.

Published: Hardcover: 240 pages Publisher: Basic Books (May 4, 2010) Language: English ISBN-10: 0465018297 ISBN-13: 978-0465018291

May 1993Equilibrium Unemployment as a Worker Screening Device
with Andres Rodriguez, Joseph E. Stiglitz: w4357
We present a model of the labor market with asymmetric information in which the equilibrium of the' market generates unemployment and job queues so that wages may serve as an effective screening device. This happens because more productive workers -- within any group of individuals with a given set of observable characteristics -- are more willing to accept the risk of being unemployed than less productive workers. The model is consistent with cyclical movements in average real wages as well as with differences in unemployment rates across different groups in the population. We also show that the market equilibrium is not, in general. constrained Pareto efficient Moreover. we identify a new category of nonexistence problems, different in several essential ways from those earlier discussed ...
1985Pensions and the Retirement Decision
with Richard J. Zeckhauser
in Pensions, Labor, and Individual Choice, David A. Wise, editor
March 1984Pensions and the Retirement Decision
with Richard J. Zeckhauser: w1285
Pensions influence retirement decisions. The analysis provides a framework for assessing the phenomenon. The qualitative features of most defined benefit pension plans in the United States, as the first section demonstrates, can be used to induce optimal retirement choices. Pensions are viewed as a form of forced savings; their purposeis to enable the worker to "commit himself" by making it in his own self-interest to retire at an appropriate age. The remaining sections examine the use of pensions in populations that are heterogeneous with respect to such features as disutility of work or expected lifespan.Given heterogeneity, a major policy concern is whether pensions are actuarially fair to different groups, retirement cohorts,etc. It is proven that optimal pension plans cannot be actuar...

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