Valuing Government Obligations When Markets are Incomplete
---- Acknowledgments ----
We thank Deborah Lucas, Stephen Zeldes, Andrew Lo, Kenneth Judd, Roger Meyerson, Stefania Garetto, Jianjun Miao, Alejandro Rivera, and participants of the University of Chicago Theory Workshop and the NBER SI Aging/Social Security Workshop for helpful comments. Work done in part while Hasanhodzic was supported by the NBER Pre-Doctoral Fellowship on the Economics of an Aging Workforce. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.