WorldCat Identities

Brown, Jeffrey R.

Works: 8 works in 38 publications in 1 language and 433 library holdings
Roles: Author
Classifications: HG9979.3, 368.400973
Publication Timeline
Most widely held works by Jeffrey R Brown
Public insurance and private markets( Book )

4 editions published in 2010 in English and held by 172 WorldCat member libraries worldwide

"As America debates the merits of government-provided health insurance, it is important to note that the U.S. government is already the largest insurance provider in the world. For decades, it has used taxpayer funds to support the world's largest health insurance programs (Medicare and Medicaid) as well as the biggest pension and disability insurance system (Social Security). The recent economic crisis has prompted the government to dramatically increase its insurance role by assuming large equity positions in private firms and bailing out troubled mortgage buyers and sellers. Do public insurance programs improve social welfare? Or does government intervention risk moral hazard and result in inefficient programs that would be better handled by the private sector? In Public Insurance and Private Markets, leading economists critically examine the government's role in insuring against pension fund shortfalls, crop losses, property damage from floods and other natural catastrophes, bank failures, and terrorism. Jeffrey R. Brown and his coauthors argue that government intervention must always be economically justified; that risk-adjusted premiums are essential; that the true taxpayer burden for public insurance programs must be recognized; and that private markets are capable of transferring risk with limited government intervention. Poorly designed government insurance programs result in misallocation of resources, excessive risk-taking, and potentially enormous burdens on current and future taxpayers. Public Insurance and Private Markets offers market-based guidelines for the proper scope of government intervention and the design of public insurance programs--guidelines that will benefit the U.S. economy and protect the resources of future generations"--Provided by publisher
The interaction of public and private insurance : Medicaid and the long-term care insurance market by Jeffrey R Brown( Book )

10 editions published in 2004 in English and held by 49 WorldCat member libraries worldwide

"We show that the provision of even incomplete public insurance can substantially crowd out private insurance demand. We examine the interaction of the public Medicaid program with the private market for long-term care insurance and estimate that Medicaid can explain the lack of private insurance purchases for at least two-thirds and as much as 90 percent of the wealth distribution, even if comprehensive, actuarially fair private policies were available. Medicaid's large crowd out effect stems from the very large implicit tax (on the order of 60 to 75 percent for a median wealth individual) that Medicaid imposes on the benefits paid from private insurance policies. Importantly, Medicaid itself provides an inadequate mechanism for smoothing consumption for most individuals, so that its crowd out effect has important implications for overall risk exposure. An implication of our findings is that public policies designed to stimulate private insurance demand will be of limited efficacy as long as Medicaid continues to impose this large implicit tax"--National Bureau of Economic Research web site
Guaranteed trouble : the economic effects of the pension benefit guaranty corporation by Jeffrey R Brown( Book )

8 editions published in 2007 in English and held by 26 WorldCat member libraries worldwide

This paper examines the economic rationale for, historical experience of, and current pressures facing the Pension Benefit Guaranty Corporation (PBGC). The PBGC is the government entity which partially insures participants in private-sector defined benefit pension plans against the loss of pension benefits in the event that the plan sponsor experiences financial distress and has an under-funded pension plan. The paper discusses three major flaws of the PBGC, namely, that the PBGC has: 1) failed to properly price insurance and thus encouraged excessive risk-taking by plan sponsors; 2) failed to promote adequate funding of pension obligations; and 3) failed to promote sufficient information disclosure to market participants. The paper then discusses potential ways to reform the PBGC so that it operates more in concert with basic economic principles
An empirical analysis of the economic impact of federal terrorism reinsurance by Jeffrey R Brown( Book )

9 editions published in 2004 in English and held by 14 WorldCat member libraries worldwide

This paper examines the role of the federal government in the market for terrorism reinsurance. We investigate the stock price response of affected industries to a sequence of thirteen events culminating in the enactment of the Terrorism Risk Insurance Act (TRIA) of 2002. In the industries most likely to be affected by TRIA banking, construction, insurance, real estate investment trusts, transportation, and public utilities the stock price effect was primarily negative. The Act was at best value-neutral for property-casualty insurers because it eliminated the option not to offer terrorism insurance. The negative response of the other industries may be attributable to the Act's impeding more efficient private market solutions, failing to address nuclear, chemical, and biological hazards, and reducing market expectations of federal assistance following future terrorist attacks
The new retirement challenge by Jeffrey R Brown( Book )

1 edition published in 2004 in English and held by 1 WorldCat member library worldwide

Cognitive constraints on valuing annuities( )

1 edition published in 2014 in English and held by 0 WorldCat member libraries worldwide

"This paper investigates consumers' difficulty in valuing life annuities. Using a survey-based experiment, the authors show that the prices at which people are willing to buy annuities are substantially below the prices at which they are willing to sell them. This finding is not a simple endowment effect, because it prevails even when the annuity and lump-sum option are both presented as deviations from their own endowments. They also find that buy values are negatively correlated with sell values, as those individuals who express the highest sell values tend to also express the lowest buy values. This sell-buy valuation spread is negatively correlated with cognition; that is, the spread is larger for those with less education, weaker numerical abilities, and lower levels of financial literacy. Their evidence contributes to the emerging literature on heterogeneity in financial decision-making abilities. Importantly, it implies that many people lack the cognitive skills required to manage their retirement asset decumulation decisions optimally."--Abstract
Executive financial incentives and payout policy : firm responses to the 2003 dividend tax cut by Jeffrey R Brown( )

1 edition published in 2004 in English and held by 0 WorldCat member libraries worldwide

"Using the 2003 reduction in dividend tax rates to identify an exogenous change in the after-tax value of dividends to shareholders, we test whether the composition of executives' stock and option holdings is an important determinant of payout policy. We find that when top executives have greater stock ownership, and thus have the incentive to increase dividends for liquidity reasons, there is a significantly greater likelihood of a dividend increase following the 2003 dividend tax cut, whereas no such relation existed in the prior decade when the dividend tax rate was much higher. In contrast, executives with large holdings of stock options, whose value is negatively related to the amount of dividends paid, were less likely to increase dividends both before and after the tax change. These findings hold for dividend increases in general, as well as dividend initiations, and are robust to a rich set of firm and shareholder characteristics. Our results suggest that about one-half of the unanticipated rise in the likelihood of a dividend increase or initiation observed in 2003 can be attributed to the stock vs. option composition of top executive holdings. Many of the firms that increased dividends in 2003 scaled back share repurchases, leaving total payouts little changed. This substitution may have raised the total tax burden on distributions because share repurchases are still tax-advantaged relative to dividends. We find that while dividend-paying firms with a large fraction of individual shareholders saw the biggest stock price gains in response to the tax cut, the market appears to have at least partially anticipated for which firms the tax cut would most likely lead to a substitution of dividends for share repurchases or earnings retention and thus a higher average tax burden on total distributions for individual shareholders"--National Bureau of Economic Research web site
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Audience level: 0.58 (from 0.49 for Public ins ... to 0.81 for Cognitive ...)

Public insurance and private markets
English (37)