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Almost Stochastic Dominance: Magnitude Constraints on Risk Aversion
(Private Enterprise Research Center, Texas A&M University, 2021-06-01)
Almost stochastic dominance (ASD) extends conventional first and second degree stochastic dominance by placing restrictions on the variability in the first and second derivatives of utility. Such restrictions increase the ...
Texas Pension Woes
(Private Enterprise Research Center, Texas A&M University, 2021-04-12)
The unfunded liabilities from Texas’ many state and local defined benefit pension plans, or the amount a pension fund’s assets cannot cover its liabilities, have snowballed over time and have recently reached unprecedented ...
Comparative Risk Apportionment
(Private Enterprise Research Center, Texas A&M University, 2021-01-04)
A decision maker who would rather apportion an independent risk in a state with a good lottery than in a state with a bad lottery is said to have a preference for risk apportionment (Eeckhoudt & Schlesinger, 2006). In this ...
Retirement Plan Choice and Public Pension Reform
(Private Enterprise Research Center, Texas A&M University, 2021-09-08)
Despite the private sector’s switch to defined contribution retirement plans, traditional defined benefit pension plans remain dominant in the public sector. In this issue of PERCspectives on Policy, authors Dennis Jansen, ...
Stochastic Superiority
(Private Enterprise Research Center, Texas A&M University, 2021-05-06)
This paper introduces a definition of stochastic superiority. One random variable is stochastically superior to another whenever it stochastically dominates the other after the risk in each random variable has been optimally ...
Federal Liabilities: 2021 Update
(Private Enterprise Research Center, Texas A&M University, 2021-06-11)
The 2020 Financial Report of the United States Government (FRUSG) identifies total federal liabilities of $32.7 trillion as of September 30, 2020. The debt held by the public, $21.1 trillion, comprised 62% of these ...