The Marginal Value of Social Security
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If annuities such as Social Security are not chosen freely, the consumption path typically cannot be determined independently of the path of annuities. This constraint reduces the value of the annuity from the point of view of the annuitant. I measure the value of the annuity by the marginal rate of
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美国国家经济研究局创建时间：
1987-10-01
