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dc.contributor.authorKotlikoff, Laurenceen_US
dc.contributor.authorBlocker, Alexen_US
dc.contributor.authorRoss, Stephen A.en_US
dc.contributor.authorVillar, Sergioen_US
dc.date2018-02-12
dc.date.accessioned2021-04-27T18:46:02Z
dc.date.available2021-04-27T18:46:02Z
dc.date.issued2019-06-19
dc.identifier.citationLaurence Kotlikoff, Alex Blocker, Stephen A Ross, Sergio Villar. 2019. "The True Cost of Social Security." Tax Policy and the Economy, https://doi.org/10.1086/703231.
dc.identifier.issn0892-8649
dc.identifier.urihttps://hdl.handle.net/2144/42424
dc.description.abstractImplicit government obligations represent the lion's share of government liabilities in the U.S. and many other countries. Yet these liabilities are rarely measured let alone properly adjusted for their risk. This paper shows, by example, how modern asset pricing can be used to value implicit fiscal debts taking into account their risk properties. The example is the U.S. Social Security System's net liability to working-age Americans. Marking this debt to market makes a big difference. Based on our preferred estimate, its market value is 86 percent higher than the Social Security trustees' valuation method suggests. Our alternative APT specifications range from 74 to 115 percent higher than that of the Social Security Administration.en_US
dc.description.urihttp://kotlikoff.net/articles
dc.language.isoen_US
dc.publisherUniversity of Chicago Pressen_US
dc.relation.ispartofTax Policy and the Economy
dc.rights© 2008 by Alexander W. Blocker, Laurence J. Kotlikoff, and Stephen A. Ross. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source.en_US
dc.titleThe true cost of Social Securityen_US
dc.typeArticleen_US
dc.identifier.doi10.1086/703231
pubs.elements-sourcemanual-entryen_US
pubs.notesEmbargo: Not knownen_US
pubs.organisational-groupBoston Universityen_US
pubs.organisational-groupBoston University, College of Arts & Sciencesen_US
pubs.organisational-groupBoston University, College of Arts & Sciences, Department of Economicsen_US
pubs.publication-statusAccepteden_US
dc.description.oaversionAccepted manuscript
dc.identifier.mycv429997


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