Jeffrey Brown

Jeffrey Brown

Dean and Josef and Margot Lakonishok Professor of Business

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Biography

Jeffrey Brown has served as the dean of Gies College of Business since 2015. A professor in the department of Finance, Dean Brown holds a PhD in economics from MIT, a master’s of public policy from Harvard, and a bachelor’s in economics and political science from Miami (OH) University. Brown joined the Illinois faculty in 2002 after three years as an assistant professor of public policy at Harvard. From 2001-2002, he served as senior economist at the White House Council of Economic Advisers. His research focuses on the interaction of public and private insurance markets.

Contact

260 E Wohlers Hall

1206 S. Sixth

Champaign, IL 61820

217-333-2747

brownjr@illinois.edu

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Educational Background

  • Ph.D., Economics, Dissertation: Retirement Income, Insurance and Bequests: Implications of Mortality Uncertainty in a Stochastic Life Cycle Model, Massachusetts Institute of Technology, 1999
  • M.P.P., Public Policy, John F. Kennedy School of Government, Harvard University, 1995
  • B.A., Economics and Political Science, Miami University, 1990

Positions Held

  • Board of Managers, University of Illinois Research Park, 2019 to present
  • Chair, Board of Managers, UI Singapore Research, LLC, 2019 to present
  • Vice Chair, Board of Managers, UI Singapore Research, LLC, 2016-2019
  • Member, Governing Board, Center for Audit Quality, 2016 to present
  • Dean, Gies College of Business, University of Illinois at Urbana-Champaign, 2015 to present
  • Josef and Margot Lakonishok Endowed Professor in Business, University of Illinois at Urbana-Champaign, 2015 to present
  • Advisory Board Member, Tax Policy Center, Urban Institute & Brookings Institution, 2013 to present
  • Research Fellow, Netspar (Network for Studies on Pensions, Aging and Retirement), Netherlands, 2008 to present
  • Director of Center for Business & Public Policy, University of Illinois, 2007-2015
  • William G. Karnes Professor of Finance, University of Illinois, 2007-2015
  • Member, Social Security Advisory Board; Recess Appointment by President Bush, October, 2006. Confirmed by U.S. Senate, December 2006., 2006-2008
  • Associate Professor of Finance, University of Illinois, 2005-2007
  • Research Associate, Economics of Aging Program, National Bureau of Economic Research, 2005 to present
  • Research Associate, Public Economics Program, National Bureau of Economic Research, 2005 to present
  • Associate Director, NBER Retirement Research Center, 2003-2016
  • Assistant Professor of Finance, University of Illinois, 2002-2005
  • Senior Economist, White House Council of Economic Advisers, 2001-2002
  • Economist, President's Commission to Strengthen Social Security, 2001
  • Assistant Professor of Public Policy, Harvard University, John F. Kennedy School of Government, 1999-2002
  • Brand Manager, Health Care Division, The Procter & Gamble Company, 1993

Recent Publications

  • Brown, J., & Huang, J. Forthcoming. All the President's Friends: Political Access and Firm Value. Journal of Financial Economics.  link >
  • Brown, J., Kapteyn, A., Luttmer, E., Mitchell, O., & Samek, A. Forthcoming. Behavioral Impediments to Valuing Annuities: Complexity and Choice Bracketing. Review of Economics and Statistics.
  • Brown, J., Xu, Y., Roberts, B., & Briley, D. (2017). Genetic and Environmental Influences on Household Financial Distress. Journal of Economic Behavior and Organization.
  • Brown, J., Poterba, J., & David, R. (2017). Do Required Minimum Distributions Matter? The Effect of the 2009 Holiday on Retirement Plan Distributions. Journal of Public Economics, 151 96-109.
  • Brown, J., Kapteyn, A., Luttmer, E., & Mitchell, O. (2017). Cognitive Constraints on Valuing Annuities Journal of the European Economic Association, 15 (2), 429-462.

Other Publications

Articles

  • Brown, J., Farrell, A., & Weisbenner, S. (2016). Decision-Making Approaches and the Propensity to Default: Evidence and Implications. Journal of Financial Economics, 121 (3), 477-495.
  • Brown, J., Goda, G., & McGarry, K. (2016). Heterogeneity of State Dependent Utility: Evidence from Strategic Surveys Economic Inquiry, 52 (2), 847-861.
  • Brown, J., Kapteyn, A., & Mitchell, O. (2016). Framing and Claiming: How Information-Framing Affects Expected Social Security Claiming Behavior Journal of Risk and Insurance, 83 (1), 139-162.
  • Brown, J. (2016). Introduction. Tax Policy and the Economy, 30 (1), xiii-xvi.
  • Brown, J., & Pennacchi, G. (2016). Discounting Pension Liabilities: Funding versus Value. Journal of Pension Economics and Finance, 15 254-284.
  • Brown, J., Beller, A., Roberts, B., & Xu, Y. (2015). Personality and Young Adult Financial Distress. Journal of Economic Psychology, 51 90-100.
  • Brown, J., Ivkovich, Z., & Weisbenner, S. (2015). Empirical Determinants of Intertemporal Choice. Journal of Financial Economics, 116 (3), 473-486.
  • Brown, J. (2014). Reforming Pensions Subject to Political and Legal Constraints: The Illinois Experience. National Tax Journal, 67 (4), 941-964.
  • Brown, J., & Weisbenner, S. (2014). Why Do Individuals Choose Defined Contribution Plans? Evidence from Participants in a Large Public Plan. Journal of Public Economics, 116 35-46.
  • Brown, J. (2014). Tools to Address Illinois Revenue: Taxing Retirement Income State Tax Notes, 73 105-108.
  • Brown, J. (2014). Income as the Outcome: How to Broaden the Narrow Framing of U.S. Retirement Policy. Risk Management and Insurance Review, 17 7-16.
  • Brown, J., & Weisbenner, S. (2014). Defined Contribution Plans as a Foundation for Retirement Security. The Journal of Retirement, 1 (4), 22-45.
  • Brown, J., Dimmock, S., Kang, J., & Weisbenner, S. (2014). How University Endowments Respond to Financial Market Shocks: Evidence and Implications. American Economic Review, 104 (3), 931-962.
  • Brown, J. (2014). Introduction. Tax Policy and the Economy, 28 (1), xiii-xvi.
  • Brown, J. (2013). Introduction. Tax Policy and the Economy, 27 (1), xiii-xvi.
  • Brown, J., & Weisbenner, S. (2013). The Distributional Effects of the Social Security Windfall Elimination Provision. Journal of Pension Economics and Finance, 12 (4), 415-434.
  • Brown, J., Kling, J., Mullainathan, S., & Wrobel, M. (2013). Framing Lifetime Income. The Journal of Retirement, 1 (1), 27-37.
  • Brown, J., Goda, G., & McGarry, K. (2012). Long-Term Care Insurance Demand Limited by Beliefs about Needs, Concerns about Insurers, and Care Available from Family Health Affairs, 31 (6), 1294-1302.
  • Brown, J., & Finkelstein, A. (2011). Insuring Long-Term Care in the U.S Journal of Economic Perspectives, 25 (4), 119-142.
  • Brown, J., Clark, R., & Rauh, J. (2011). The Economics of State and Local Pensions. Journal of Pension Economics and Finance, 10 (2), 161-172.
  • Brown, J., Coile, C., & Weisbenner, S. (2010). The Effect of Inheritance Receipt on Retirement Decisions. Review of Economics and Statistics, 92 (2), 425-434.
  • Brown, J., & Wilcox, D. (2009). Discounting State and Local Pension Liabilities. American Economic Review, 99 (2), 538-542.
  • Brown, J., & Finkelstein, A. (2009). The Private Market for Long-Term Care Insurance in the United States: A Review of the Evidence. Journal of Risk and Insurance, 76 (1), 5-29.
  • Brown, J., & Coronado, J. (2009). Is Social Security Part of the Social Safety Net? Tax Policy and the Economy, (23).
  • Brown, J., & Finkelstein, A. (2008). The Interaction of Public and Private Insurance: Medicaid and the Long-Term Care Insurance Market. American Economic Review, 98 (3), 1083-1102.
  • Brown, J., Ivkovich, Z., Smith, P., & Weisbenner, S. (2008). Neighbors Matter: Causal Community Effects and Stock Market Participation. Journal of Finance, 63 (3), 1509-1531.
  • Brown, J., Kling, J., Mullainathan, S., & Wrobel, M. (2008). Why Don't People Insure Late Life Consumption? A Framing Explanation of the Under-Annuitization Puzzle American Economic Review, 98 (2), 304-309.
  • Baicker, K., Brown, J., Holtz-Eakin, D., & Orszag, P. (2008). The Future of Social Security, Medicare and Medicaid: Is U.S. Entitlement Spending Sustainable? Risk Management and Insurance Review, 11 (1), 1-21.
  • Brown, J. (2008). Guaranteed Trouble: The Economic Effects of the Pension Benefit Guarantee Corporation. Journal of Economic Perspectives, 22 (1), 177-198.
  • Brown, J., & Finkelstein, A. (2007). Why is the Market for Long-Term Care Insurance so Small? Journal of Public Economics, 91 (10), 1967-1991.
  • Brown, J., Liang, N., & Weisbenner, S. (2007). Individual Account Investment Options and Portfolio Choice: Behaviorial Lessons from 401 (k) Plans. Journal of Public Economics, 91 (10), 1992-2013.
  • Brown, J., Liang, N., & Weisbenner, S. (2007). Executive Financial Incentives and Payout Policy: Evidence from the 2003 Dividend Tax Cut. Journal of Finance, 62 (4), 1935-1965.
  • Brown, J. (2006). The Political Economy of Government-Issued Survivor Bonds. Journal of Risk and Insurance.
  • Brown, J., Liang, N., & Weisbenner, S. (2006). 401(k) Matching Contributions in Company Stock: Costs and Benefits for Firms and Workers. Journal of Public Economics, 90 1315-1346.
  • Brown, J. (2006). Comment on David Wilcox, "Reforming the Defined-Benefit Pension System". Brookings Papers on Economic Activity.
  • Brown, J., & Apfel, K. (2006). Point/Counterpoint: Reforming Social Security. Journal of Policy Analysis and Management.
  • Davidoff, T., Brown, J., & Diamond, P. (2005). Annuities and Individual Welfare. American Economic Review, 95 (5), 1573-1590.
  • Brown, J., Biggs, A., & Springstead, G. (2005). Alternative Methods of Price Indexing Social Security: Implications for Benefits and System Financing. National Tax Journal.
  • Brown, J. (2005). Top Ten Myths of Social Security Reform. The Elder Law Journal, 13 (3).
  • Brown, J. (2005). The case for Pre-Funding Social Security. Generations: Journal of the American Society of Aging, XXIX (1), 53-58.
  • Brown, J., Cummins, D., Lewis, C., & Wei, R. (2004). An Empirical Analysis of the Economic Impact of Federal Terrorism Reinsurance. Journal of Monetary Economics, 51 861-898.
  • Brown, J. (2003). Review of Daniel Shaviro "Making Sense of Social Security Reform". Journal of Economic Literature, 41 (1), 230-231.
  • Brown, J. (2003). Redistribution and Insurance: Mandatory Annuitization with Mortality Heterogeneity. Journal of Risk and Insurance, 70 (1), 17-41.
  • Brown, J., Kroszner, R., & Jenn, B. (2002). Federal Terrorism Risk Insurance. National Tax Journal, LV (3), 647-657.
  • Brown, J., & Goolsbee, A. (2002). Does the Internet Make Markets More Competitive? Evidence from the Life Insurance Industry. Journal of Political Economy, 110 (3), 481-507.
  • Brown, J. (2001). Private Pensions, Mortality Risk, and the Decision to Annuitize. Journal of Public Economics, 82 (1), 29-62.
  • Brown, J., & Poterba, J. (2000). Joint Life Annuities and the Demand for Annuities by Married Couples. Journal of Risk and Insurance, 67 (4), 527-553.
  • Brown, J. (2000). Discussion of Moshe Milevsky and Chris Robinson "Self-Annuitization and Ruin in Retirement". North American Actuarial Journal.
  • Mitchell, O., Poterba, J., Warshawsky, M., & Brown, J. (1999). New Evidence on the Money's Worth of Individual Annuities. American Economic Review, 89 (5), 1299-1318.
  • Brown, J., Mitchell, O., Poterba, J., & Warshawsky, M. (1999). Taxing Retirement Income: Non-Qualified Annuities and Distributions from Qualified Accounts. National Tax Journal, LII (3), 563-591.

Book Chapters

  • Brown, J., Dimmock, S., & Weisbenner, S., Jeffrey R. Brown and Caroline M. Hoxby (Ed.) (2015). The Supply and Demand for Charitable Donations to Higher Education How the Financial Crisis and Great Recession Affected Higher Education ( pp. 151-174). Chicago, IL: University of Chicago Press.
  • Brown, J., & Nijman, T. (2012). Options to Improve the Decumulation of Pension Wealth in the Netherlands. The Future of Multi-Pillar Pensions Netspar.
  • Brown, J., & Biggs, A., Jeffrey Brown (Ed.) (2010). Reforming the Pension Benefit Guaranty Corporation. Public Insurance and Private Markets ( pp. 54-85). Washington, DC: American Enterprise Institute Press.
  • Brown, J., & Weisbenner, S., Jeffrey R. Brown, Jeffrey Liebman, and David Wise (Ed.) (2009). Who Chooses Defined Contribution Plans? Social Security Policy in a Changing Environment ( pp. 131-161). Chicago, IL: University of Chicago Press.
  • Brown, J., Annamaria Lusardi (Ed.) (2009). Understanding the Role of Annuities in Retirement Planning. Overcoming the Saving Slump ( pp. 178-206). Chicago, IL: University of Chicago Press.
  • Brown, J., Coronado, J., & Fullerton, D., Jeffrey R. Brown and James M. Poterba (Ed.) (2009). Is Social Security Part of the Safety Net? Tax Policy and the Economy.
  • Brown, J., Zvi Bodie, Dennis McLeavey and Laurence Siegel (Ed.) (2008). Comment on John Beshears, James Choi, David Laibson and Brigitte Madrian, "The Importance of Default Options for Retirement Savings Outcomes: Evidence from the United States" The Future of LifeCycle Saving and Investing CFA Institute.
  • Brown, J., Alan Auerbach, James Hines and Joel Slemrod (Ed.) (2007). Discussion of Mihir Desai, Dhammika Dharmapala and W. Fung, "Taxation and the Evolution of Aggregate Corporate Ownership Concentration". Taxing Corporate Income in the 21st Century Cambridge, England: Cambridge University Press.
  • Brown, J., Finkelstein, A., & Coe, N., James M. Poterba (Ed.) (2007). Medicaid Crowd-Out of Private Long Term Care Insurance Demand: Evidence from the Health and Retirement Survey. Tax Policy and the Economy, 2007.
  • Brown, J., & Poterba, J. (2006). Household Demand for Variable Annuities. Tax Policy and the Economy.
  • Brown, J., & Warshawsky, M., W. Gale, J. Shoven and M. Warshawsky (Ed.) (2004). Longevity-Insured Retirement Distributions from Pension Plans: Regulatory and Market Issues. Public Policies and Private Pensions Brookings Institution.
  • Brown, J., & Weisbenner, S., David A. Wise (Ed.) (2004). Intergenerational Transfers and Savings Behavior. Perspectives on the Economics of Aging ( pp. 181-201). Chicago, IL: University of Chicago Press.
  • Brown, J., & Jenn, B. (2002). Retirement Security. Economic Report of the President 2002.
  • Brown, J., Liebman, J., & Pollet, J., M. Feldstein and J. Liebman (Ed.) (2002). Estimating Life Tablets that Reflect Socioeconomic Differences in Mortality. The Distributional Effects of Social Security Reform ( pp. 447-457). Chicago, IL: University of Chicago Press.
  • Brown, J., M. Feldstein and J. Liebman (Ed.) (2002). Differential Mortality and the Value of Individual Account Retirement Annuities. The Distributional Effects of Social Security Reform Chicago, IL: University of Chicago Press.
  • Brown, J., Mitchell, O., & Poterba, J., O. Mitchell, Z. Bodie, B. Hammond and S. Zeldes (Ed.) (2002). Mortality Risk, Inflation Risk, and Annuity Products. Innovations in Retirement Financing ( pp. 175-197). Philadelphia, PA: University of Pennsylvania Press.
  • Brown, J., Peter Edelman, Dallas Salisbury and Pamela Larson (Ed.) (2002). How Should We Insure Longevity Risk in Pensions and Social Security? The Future of Social Insurance: Incremental Action or Fundamental Reform? ( pp. 148-172). Washington, D.C: National Academy of Social Insurance.
  • Brown, J., D. Wise (Ed.) (2001). Are the Elderly Really Over-Annuitized? New Evidence on Life Insurance and Bequests. Themes in the Economics of Aging ( pp. 91-124). Chicago, IL: University of Chicago Press.
  • Brown, J., Mitchell, O., & Poterba, J., J. Campbell and M. Feldstein (Ed.) (2001). The Role of Real Annuities and Indexed Bonds in an Individual Accounts Retirement Program. Risk Aspects of Investment-Based Social Security Reform ( pp. 321-360). Chicago, IL: University of Chicago Press.

Books and Monographs

  • Brown, J., with Caroline Hoxby (Ed.) (2015). How the Great Recession Affected Higher Education. Chicago, IL: University of Chicago Press.
  • Brown, J. (2010). Public Markets and Private Insurance. Washington, DC: American Enterprise Institute Press.
  • Brown, J. (2009). Automatic Lifetime Income as a Path to Retirement Security.
  • Brown, J., Liebman, J., & Wise, D., Jeffrey R. Brown, Jeffrey Liebman and David Wise (Ed.) (2009). Social Security Policy in a Changing Environment. Chicago, IL: University of Chicago Press.
  • Brown, J., Mitchell, O., Poterba, J., & Warshawsky, M. (2001). The Role of Annuities in Financing Retirement MIT Press.

Other Publications

  • Brown, J. (2013). A Review of the Pension Benefit Guaranty Corporation Pension Insurance Modeling System.
  • Brown, J. (2013). Six Simple Steps: Reforming the State Universities Retirement System.
  • Brown, J. (2012). A Time for Action: Reforming the Illinois State Universities Retirement System.
  • Brown, J. (2012). Fiscal Sustainability and Retirement Security: A Reform Proposal for the Illinois State Universities Retirement System (SURS).
  • Brown, J. (2009). Automatic Lifetime Income as a Path to Retirement Income Security.
  • Brown, J. (2009). Framing and Annuities, TIAA CREF Institute "Trends and Issues" with Jeffrey Kling, Sendhil Mullainathan and Marian Wrobel.
  • Brown, J. (2008). A Paycheck for Life: The Role of Annuities in Your Retirement Portfolio, TIAA CREF Institute "Trends and Issues".
  • Brown, J. (2008). Financial Education and Annuities: A Report to the OECD Financial Education Project.
  • Brown, J. (2004). "Don't Just Save Social Security, Improve It." TIAA-CREF's "Advance" Magazine (Winter issue).
  • Brown, J. (2004). The New Retirement Challenge.
  • Brown, J. (2002). Modernizing Social Security, published in The American Enterprise.
  • Brown, J. (2002). Retirement Security, Chapter 2 of the Economic Report of the President.

Working Papers

  • Brown, J., & Previterro, A. Saving for Retirement, Annuities, and Procrastination.
  • Brown, J., Fang, C., & Gomes, F. Risk and Return to Education Over Time.
  • Brown, J., Goda, G., & McGarry, K. Closed for Business: Counterparty Risk and Insurance Purchase Decisions.

Honors and Awards

  • University Scholar, University of Illinois, 2011 to present
  • Hillel's 2019 King Cyrus Award, Local Jewish Community, 2019
  • Best Empirical Paper Award for "All the President's Friends", Western Finance Association, 2018
  • Julian Simon Faculty Fellow, University of Illinois Gies College of Business, 2011-2018
  • Health and Aging Fellow, NBER & National Institute on Aging, 1997-1998

Service

  • Member, Governing Board, Center for Audit Quality, 2016 to present
  • Associate Editor, Journal of Risk and Insurance, 2013-2016

Teaching Interests

Financial economics, public policy, employee benefits

Research Interests

Primary research focus is on the interaction of public and private insurance markets with a specific emphasis on retirement security, including annuities, life insurance, long-term care insurance, pensions and Social Security. Additional research interests include stock market participation, dividend taxation, and the effect of inheritances on labor supply.

Contact

260 E Wohlers Hall

1206 S. Sixth

Champaign, IL 61820

217-333-2747

brownjr@illinois.edu

Vita

Google Scholar

SSRN

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