Geanakoplos, John; Zeldes, Stephen P. - Cowles Foundation for Research in Economics, Yale University - 2009
One measure of the health of the Social Security system is the difference between the market value of the trust fund … future uncertainties? We think it is important to use market value. Since claims on accrued benefits are not currently traded … in financial markets, we cannot directly observe a market value. In this paper, we use a model to estimate what the …