Jeffrey Brown

Jeffrey Brown

Dean and Josef and Margot Lakonishok Professor of Business

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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

  • Director, NBER Retirement Research Center, 2016 to present
  • Vice Chair, Board of Managers, UI Singapore Research, LLC, 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
  • Managing Director, LLB Ventures, LLC, 2011 to present
  • Professor (courtesy appointment), University of Illinois Institute of Government and Policy Affairs, 2011 to present
  • Professor of Law (courtesy appointment), University of Illinois College of Law, 2010-2016
  • Sandell Grant Selection Committee, Retirement Research Consortium, 2009-2012
  • Consultant, Prudential Financial, 2008-2009
  • Founding Member, Institutional Retirement Income Research Council, 2008-2009
  • Professor of Economics (courtesy appointment), University of Illinois Department of Economics, 2008 to present
  • Research Fellow, Netspar (Network for Studies on Pensions, Aging and Retirement), Netherlands, 2008 to present
  • Public Trustee Nominee, U.S. Social Security and Medicare Trust Funds, Nominated by President Bush, February 2008, Nomination Expired Unconfirmed December 2008, 2008
  • Director of Center for Business & Public Policy, University of Illinois, 2007-2015
  • William G. Karnes Professor of Finance, University of Illinois, 2007-2015
  • Faculty Affiliate, University of Illinois Institute for Government and Policy Affairs (IGPA), 2007-2011
  • Fellow, TIAA CREF Research Institute, 2007 to present
  • Consultant, Federal Reserve Bank, 2007
  • Dissertation Fellowship Committee Member, Retirement Research Consortium, 2006-2008
  • Member, Social Security Advisory Board; Recess Appointment by President Bush, October, 2006. Confirmed by U.S. Senate, December 2006., 2006-2008
  • Consultant, Genworth Financial, 2006-2007
  • 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
  • Faculty Fellow, China Center for Social Security and Insurance Research (Beijing Univ.), 2003-2007
  • Assistant Professor of Finance, University of Illinois, 2002-2005
  • Consultant, U.S. Department of Treasury, 2002-2003
  • Senior Economist, White House Council of Economic Advisers, 2001-2002
  • Economist, President's Commission to Strengthen Social Security, 2001
  • Research Associate, BC Center for Retirement Research, 2000-2003
  • Faculty Research Fellow, Harvard Center for Business and Government, 2000-2001
  • Faculty Research Fellow, Economics of Aging Program, National Bureau of Economic Research, 1999-2005
  • Faculty Research Fellow, Public Economics Program, National Bureau of Economic Research, 1999-2005
  • Assistant Professor of Public Policy, Harvard University, John F. Kennedy School of Government, 1999-2002
  • Consultant, The World Bank, 1999-2000
  • 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., 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.
  • Pennacchi, G., & Brown, J. (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.

Presentations

  • Brown, J., & Huang, J. (2018). All the President's Friends: Political Access and Firm Value. Western Finance Association Annual Meetings.
  • Brown, J., & Huang, J. (2017). All the President’s Friends: Political Access and Firm Value. Political Economy of Finance at Booth Business School.
  • Brown, J. (2011). It's All in How You Frame It. Institutional Investor Defined Contribution Forum.
  • Brown, J. (2011). The Downsides of Defaults. State Universities Retirement System (SURS.
  • Brown, J. (2011). Framing Effects and Expected Social Security Claiming Behavior. Department of ACES Seminar.
  • Brown, J. (2011). The Downside of Defaults. University of Colorado at Boulder Dept of Finance.
  • Brown, J. (2010). Why I Lost My Secretary: The Effect of Endowment Shocks on University Operations. National Bureau of Economic Research, Summer Institute.
  • Brown, J. (2010). Automatic Lifetime Income as a Path to Retirement Security. Northwestern University.
  • Brown, J. (2010). The Governance of University Endowments. University of Illinois Law School Colloquium.
  • Brown, J. (2009). The Future of Retirement Income Adequacy in DC Plans. East Coast Pensions and Investments Conference.
  • Brown, J. (2009). Presentation, Discounting State and Local Pension Liabilities. American Economic Association Meetings.
  • Brown, J. (2009). Presentation, Why Do Individuals Choose Defined Contribution Plans? American Economic Association Meetings.
  • Brown, J. (2009). Reforming the Pension Benefit Guaranty Corporation. American Enterprise Institute.
  • Brown, J. (2009). THIS SECTION OF MY CV IS NOT UP-TO-DATE DUE TO PROBLEMS ENTERING DATA IN FSDB. INFORMATION FROM 2005-2008 IS MISSING NBER.
  • Brown, J., Ivkovich, Z., Smith, P., & Weisbenner, S. (2004). The Geography of Stock Market Participation: The Influence of Communities and Local Firms. Western Finance Association Annual Meetings, 2011.
  • Brown, J. (2004). Designing Payouts from Personal Accounts in Social Security. University of Illinois Cross Campus Initiative on Aging.
  • Brown, J. (2004). An Empirical Analysis of the Economic Impact of Federal Terrorism Insurance. NBER Insurance Meetings.
  • Brown, J. (2004). The Interaction of Public and Private Insurance: Medicaid and the Long-Term Care Insurance Market. NBER Insurance Meetings.
  • Brown, J. (2004). High Prices, Limited Benefits: Is This Why the Elderly Don't Buy Long Term Care Insurance? American Economic Association Meetings.
  • Brown, J. (2004). Household Demand for Variable Annuities. American Economic Association Meetings.
  • Brown, J. (2003). High Prices, Limited Benefits: Is This Why the Elderly Don't Buy Long Term Care Insurance? University of Wisconsin.
  • Brown, J. (2003). Why is the Market for Long-Term Care Insurance So Small? American Risk and Insurance Association Annual Meeting.
  • Brown, J. (2003). Why Is the Market for Long-Term Care Insurance So Small? National Bureau of Economic Research, Public Economics Program.
  • Brown, J. (2003). Would Annuitizing Personal Accounts Really Redistribute from the Poor to the Rich. APEE Meetings.
  • Brown, J. (2003). Annuities and Individual Welfare. National Bureau of Economic Research, Insurance Program.
  • Brown, J. (2003). The Federal Terrorism Risk Insurance Act of 2002. National Bureau of Economic Research, Insurance Program.
  • Brown, J. (2002). An Overview of Annuity Design Issues. National Academy of Social Insurance, the Urban Institute.
  • Brown, J. (2002). Redistribution and Insurance: Mandatory Annuitization with Mortality Heterogeneity. Annuities Conference.
  • Brown, J. (2002). Redistribution and Insurance: Mandatory Annuitization with Mortality Heterogeneity. London School of Economics.
  • Brown, J. (2002). Redistribution and Insurance: Mandatory Annuitization with Mortality Heterpgeneity. American Risk and Insurance Association Annual Meeting.
  • Brown, J. (2002). Insuring Longevity Risk in Public Pension Plans. International Network of Pension Regulators and Supervisors.
  • Brown, J. (2002). An Economist's View of Social Security Reform. University of Virginia.
  • Brown, J. (2002). Insuring Longevity Risk in Public Pension Plans. World Bank Seminar.
  • Brown, J. (2002). Strengthening Social Security. U.S. Army War College Seminar.
  • Brown, J. (2002). Analysis of the Recommendations of the President's Commission to Strengthen Social Security. National Bureau of Economic Research, Social Security Program.
  • Brown, J. (2002). Social Security Reform and National Saving. United States House of Representatives Committee on Ways and Means.
  • Brown, J. (2002). Does the Internet Make Markets More Competitive? Evidence from the Life Insurance Industry. Ohio State University.
  • Brown, J. (2002). Does the Internet Make Markets More Competitive? Evidence from the Life Insurance Industry. University of Michigan.
  • Brown, J. (2001). Federal Terrorism Risk Insurance. NBER workshop on terrorism insurance.
  • Brown, J. (2001). Reforming Social Security. American Council of Life Insurers meeting of CEOs.
  • Brown, J. (2001). Intergenerational Transfers and Savings Behavior. NBER Aging Conference.
  • Brown, J. (2001). Does the Internet Make Markets More Competitive? Evidence from the Life Insurance Industry. Harvard University Belfer Center for Business and Government.
  • Brown, J. (2001). Does the Internet Make Markets More Competitive? Evidence from the Life Insurance Industry. Harvard University Public Economics Seminar Series.
  • Brown, J. (2001). How Do We Insure Longevity Risk in Pensions and Social Security? National Academy of Social Insurance.
  • Brown, J. (2000). Does the Internet Make Markets More Competitive? Evidence from the Life Insurance Industry. University of South Carolina.
  • Brown, J. (2000). Does the Internet Make Markets More Competitive? Evidence from the Life Insurance Industry. University of Pennsylvania, Wharton School.
  • Brown, J. (2000). Longevity Insured Retirement Distributions from Pension Plans: Market and Regulatory Issues. SIEPR/Brookings/TIAA-CREF Conference on Public Policy and Private Pensions.
  • Brown, J. (2000). Differential Mortality and the Value of Individual Account Retirement Annuities. American Risk and Insurance Association Annual Meeting.
  • Brown, J. (2000). Search, Prices and the Internet: Evidence from the Life Insurance Industry. American Risk and Insurance Association Annual Meeting.
  • Brown, J. (2000). Mortality Risk, Inflation Risk, and Annuity Products. Pension Research Council.
  • Brown, J. (2000). Private Pensions, Mortality Risk, and the Decision to Annuitize. Risk Theory Society.
  • Brown, J. (2000). Private Pensions, Mortality Risk, and the Decision to Annuitize. University of Chicago.
  • Brown, J. (2000). The Role of Real Annuities and Indexed Bonds in an Individual Accounts Retirement Program. National Bureau of Economic Research, Insurance Program.
  • Brown, J. (1999). Private Pensions, Mortality Risk, and the Decision to Annuitize. Harvard University.
  • Brown, J. (1999). Differential Mortality and the Value of Individual Account Retirement Annuities. NBER Conference on Distributional Effects of Social Security Reform.
  • Brown, J. (1999). Private Pensions, Mortality Risk, and the Decision to Annuitize. University of Michigan.
  • Brown, J. (1999). Private Pensions, Mortality Risk, and the Decision to Annuitize. American Risk and Insurance Association Annual Meeting.
  • Brown, J. (1999). The Role of Real Annuities and Indexed Bonds in an Individual Accounts Retirment Program. NBER Aging Conference.
  • Brown, J. (1999). Are the Elderly Really Over-Annuitized? New Evidence on Life Insurance and Bequests. NBER Aging Conference.
  • Brown, J. (1999). Private Pensions, Mortality Risk, and the Decision to Annuitize. TIAA-CREF Institute.
  • Brown, J. (1999). Private Pensions, Mortality Risk, and the Decision to Annuitize. Georgia State University Department of Risk Management and Insurance seminar series.
  • Brown, J. (1999). Private Pensions, Mortality Risk, and the Decision to Annuitize. Harvard University.
  • Brown, J. (1999). Private Pensions, Mortality Risk, and the Decision to Annuitize. Williams College.
  • Brown, J. (1999). Private Pensions, Mortality Risk, and the Decision to Annuitize. University of Maryland.
  • Brown, J. (1999). The Role of Real Annuities and Indexed Bonds in an Individual Accounts Retirement Program. NBER Conference on Risk Aspects of Investment-Based Social Security Reform.
  • Brown, J. (1998). Private Pensions, Mortality Risk, and the Decision to Annuitize. Miami University.
  • Brown, J. (1998). Private Pensions, Mortality Risk, and the Decision to Annuitize. Massachusetts Institute of Technology.
  • Brown, J. (1998). Joint Life Annuities and the Demand for Annuities by Married Couples. NBER Aging Conference.
  • Brown, J. (1998). New Evidence on the Money's Worth of Individual Annuities. University of Pennsylvanis, Wharton School.

Working Papers

  • Brown, J., & Dye, R. Illinois Pensions in a Fiscal Context: A (Basket) Case Study.
  • Brown, J., & Previterro, A. Present-Biased Preferences, Procrastination, and Financial Behaviors.
  • 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.
  • Brown, J., & Farrell, A. Decision-Making Approaches and the Propensity to Default: Evidence and Implications," Revise and Resubmit, Journal of Financial Economics.
  • Brown, J., & Pollet, J. The In-State Equity Bias of State Pension Plans.
  • Brown, J., & Ivkovich, Z. Empirical Determinants of Intertemporal Choice," Revise and Resubmit, Journal of Financial Economics.
  • Brown, J., & Farrell, A. The Downside of Defaults.
  • Brown, J., Kling, J., Mullainathan, S., Wiens, G., & Wrobel, M. Framing, Reference Points and Preferences for Life Annuities.

Honors and Awards

  • Julian Simon Faculty Fellow, University of Illinois Gies College of Business, 2011-2018
  • Health and Aging Fellow, NBER & National Institute on Aging, 1997-1998

Grants

  • Present-Biased Preferences, Procrastination and Retirement Planning Behavior, Social Security Administration through the NBER Retirement Research Center, 2013-2014
  • A Review of the PBGC Funding Models, Special project funded by the Social Security Administration, 2013
  • Can Procrastination Explain the Power of Defaults? Evidence from Retirement Plan Decisions, Social Security Administration through the NBER Retirement Research Center, 2013
  • State Dependent Utility and the Demand for Long-Term Care Insurance, National Institute of Health Pilot Grant, 2012-2013
  • State-Dependent Utility and Insurance Purchase Decisions, Social Security Administration through the NBER Retirement Research Center, 2012-2013
  • Pathways to Regret, Social Security Administration through the NBER Retirement Research Center, 2011-2012
  • Evaluating Alternative Hypotheses for Explaining the Limited Size of the Long-Term Care Insurance Market, Social Security Administration through the NBER Retirement Research Center, 2010-2011
  • Framing Effects and the Social Security Earnings Test, Social Security Administration through the RAND Financial Literacy Research Center, 2010-2011
  • The Downsides of Defaults, Social Security Administration through the NBER Retirement Research Center, 2010-2011
  • Who Values the Social Security Annuity?, Social Security Administration through the RAND Financial Literacy Research Center, 2010-2011
  • Framing Effects and the Social Security Claiming Decision, Social Security Administration through the RAND Financial Literacy Research Center, 2009-2010,2009-2010
  • The Investment Behavior of State Pension Plans, Social Security Administration through the NBER Retirement Research Center, 2008
  • The Distributional and Incentive Effects of the Windfall Elimination Provision and the Government Pension Offset, Social Security Administration through the NBER Retirement Research Center, 2007
  • Financial Literacy and the Demand for Annuitized Income: Evidence form the Health and Retirement Survey. Social Security Administration, National Bureau of Economic Research, 2006
  • Why Do Individuals Choose Defined Contribution Plans? Plan Parameters, Market Expectations, and Political Risk, Social Security Administration through the NBER Retirement Research Center, 2006
  • Who Chooses Defined Contribution Plans?, Social Security Administration through the NBER Retirement Research Center, 2005
  • Long-Term Care Insurance, Robert Wood Johnson Foundation, 2004
  • The Evolution of Social Security Progressivity, Social Security Administration, National Bureau of Economic Research, 2004
  • Long-Term Care Insurance. TIAA CREF Institute, 2003
  • Personal Account Investment Options and Investment Choice, Social Security Administration through the NBER Retirement Research Center, 2003
  • Annuities and Intergenerational Transfers, National Institute on Aging, National Bureau of Economic Research, 2000
  • Redistribution versus Insurance in an Individual Accounts Retirement System, Social Security Administration,, Boston College Center for Retirement Research, 2000
  • The Impact of the Internet on Price Competition in the Life Insurance Industry. TIAA CREF Institute, 2000
  • Differential Mortality and the Value of Individual Account Retirement Annuities, National Institute on Aging, National Bureau of Economic Research, 1999-2000

Service

  • Member, Governing Board, Center for Audit Quality, 2016 to present
  • Associate Editor, Journal of Risk and Insurance, 2013 to present
  • Economics Department Advisory Board, Miami University, 2012-2015
  • Editor, Tax Policy and the Economy, National Bureau of Economic Research, 2008-2015

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

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