Jeffrey R. Brown
Professor of Finance and Director of Center for Business & Public Policy
Education
Ph.D.
Economics,
Massachusetts Institute of Technology,
1999.
M.P.P.
Public Policy,
Harvard University,
1995.
B.A.
Economics and Political Science,
Miami University,
1990.
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.
Research
Journal Articles
"How University Endowments Respond to Financial Market Shocks: Evidence and Implications"
J. Brown,
S. Dimmock,
J. Kang,
S. Weisbenner,
American Economic Review,
2014.
"The Distributional Effects of the Social Security Windfall Elimination Provision"
J. Brown,
S. Weisbenner,
Journal of Pension Economics and Finance,
2013.
"Insuring Long-Term Care in the U.S."
J. Brown,
A. Finkelstein,
Journal of Economic Perspectives,
(25)
Fall,
4
119-142
2011.
"The Economics of State and Local Pensions"
J. Brown,
R. Clark,
J. Rauh,
Journal of Pension Economics and Finance,
(10)
April,
2
161-172
2011.
"The Effect of Inheritance Receipt on Retirement Decisions"
J. Brown,
C. Coile,
S. Weisbenner,
Review of Economics and Statistics,
(92)
August,
2
425-434
2010.
"The Private Market for Long-Term Care Insurance in the United States: A Review of the Evidence"
J. Brown,
A. Finkelstein,
Journal of Risk and Insurance,
(76)
March,
1
5-29
2009.
"Discounting State and Local Pension Liabilities"
J. Brown,
D. Wilcox,
The American Economic Review,
(99)
May,
2
538-542
2009.
"Is Social Security Part of the Social Safety Net?"
J. Brown,
J. Coronado,
Tax Policy and the Economy,
23
2009.
"Neighbors Matter: Causal Community Effects and Stock Market Participation"
J. Brown,
Z. Ivkovich,
P. Smith,
S. Weisbenner,
Journal of Finance,
(63)
June,
3
1509-1531
2008.
"Guaranteed Trouble: The Economic Effects of the Pension Benefit Guarantee Corporation"
J. Brown,
Journal of Economic Perspectives,
(22)
Winter,
1
177-198
2008.
"The Interaction of Public and Private Insurance: Medicaid and the Long-Term Care Insurance Market"
J. Brown,
A. Finkelstein,
The American Economic Review,
(98)
June,
3
1083-1102
2008.
"Why Don't People Insure Late Life Consumption? A Framing Explanation of the Under-Annuitization Puzzle."
J. Brown,
J. Kling,
S. Mullainathan,
M. Wrobel,
The American Economic Review,
(98)
May,
2
304-309
2008.
"The Future of Social Security, Medicare and Medicaid: Is U.S. Entitlement Spending Sustainable?"
K. Baicker,
J. Brown,
D. Holtz-Eakin,
P. Orszag,
Risk Management and Insurance Review,
(11)
1
1-21
2008.
"Why is the Market for Long-Term Care Insurance so Small?"
J. Brown,
A. Finkelstein,
Journal of Public Economics,
(91)
November,
10
1967-1991
2007.
"Individual Account Investment Options and Portfolio Choice: Behaviorial Lessons from 401 (k) Plans"
J. Brown,
N. Liang,
S. Weisbenner,
Journal of Public Economics,
(91)
November,
10
1992-2013
2007.
"Executive Financial Incentives and Payout Policy: Evidence from the 2003 Dividend Tax Cut"
J. Brown,
N. Liang,
S. Weisbenner,
Journal of Finance,
(62)
August,
4
1935-1965
2007.
"401(k) Matching Contributions in Company Stock: Costs and Benefits for Firms and Workers"
J. Brown,
N. Liang,
S. Weisbenner,
Journal of Public Economics,
(90)
August,
1315-1346
2006.
"The Political Economy of Government-Issued Survivor Bonds"
J. Brown,
Journal of Risk and Insurance,
December,
2006.
"Comment on David Wilcox, "Reforming the Defined-Benefit Pension System""
J. Brown,
Brookings Papers on Economic Activity,
2006.
"Annuities and Individual Welfare"
T. Davidoff,
J. Brown,
P. Diamond,
The American Economic Review,
(95)
December,
5
1573-1590
2005.
"Alternative Methods of Price Indexing Social Security: Implications for Benefits and System Financing"
J. Brown,
A. Biggs,
G. Springstead,
The National Tax Journal,
September,
2005.
"An Empirical Analysis of the Economic Impact of Federal Terrorism Reinsurance"
J. Brown,
D. Cummins,
C. Lewis,
R. Wei,
Journal of Monetary Economics,
(51)
July,
861-898
2004.
"Redistribution and Insurance: Mandatory Annuitization with Mortality Heterogeneity"
J. Brown,
Journal of Risk and Insurance,
(70)
February,
1
17-41
2003.
"Review of Daniel Shaviro "Making Sense of Social Security Reform""
J. Brown,
Journal of Economic Literature,
(41)
March,
1
230-231
2003.
"Does the Internet Make Markets More Competitive? Evidence from the Life Insurance Industry"
J. Brown,
A. Goolsbee,
Journal of Political Economy,
(110)
June,
3
481-507
2002.
"Federal Terrorism Risk Insurance"
J. Brown,
R. Kroszner,
B. Jenn,
The National Tax Journal,
September,
3
647-657
2002.
"Private Pensions, Mortality Risk, and the Decision to Annuitize"
J. Brown,
Journal of Public Economics,
(82)
October,
1
29-62
2001.
"Joint Life Annuities and the Demand for Annuities by Married Couples"
J. Brown,
J. Poterba,
Journal of Risk and Insurance,
(67)
December,
4
527-553
2000.
"Discussion of Moshe Milevsky and Chris Robinson "Self-Annuitization and Ruin in Retirement""
J. Brown,
North American Actuarial Journal,
October,
2000.
"Taxing Retirement Income: Non-Qualified Annuities and Distributions from Qualified Accounts"
J. Brown,
O. Mitchell,
J. Poterba,
M. Warshawsky,
The National Tax Journal,
September,
3
563-591
1999.
"New Evidence on the Money's Worth of Individual Annuities"
O. Mitchell,
J. Poterba,
M. Warshawsky,
J. Brown,
The American Economic Review,
(89)
December,
5
1299-1318
1999.
Working Papers
"Why Do Individuals Choose Defined Contribution Plans? Evidence from Participants in a Large Public Plan"
J. Brown,
S. Weisbenner,
2013.
"How University Endowments Respond to Financial Market Shocks: Evidence and Implications"
J. Brown,
S. Dimmock,
J. Kang,
2013.
"Empirical Determinants of Intertemporal Choice"
J. Brown,
Z. Ivkovich,
S. Weisbenner,
2013.
"The Investment Behavior of State Pension Plans"
J. Brown,
J. Pollet,
S. Weisbenner,
2012.
"The Supply of and Demand for Charitable Donations to Higher Education"
2012.
"The Downside of Defaults"
J. Brown,
A. Farrell,
S. Weisbenner,
2011.
"Framing Effects and Expected Social Security Claiming Behavior"
[WorkingPaper.pdf]
2010.
"Political Risk and Discount Rates: Evidence from the Croatian Pension System"
J. Brown,
[WorkingPaper.pdf]
2010.
"The Distributional Effects of the Social Security Windfall Elimination Provision"
2008.
"Framing, Reference Points and Preferences for Life Annuities"
J. Brown,
J. Kling,
S. Mullainathan,
G. Wiens,
M. Wrobel,
2008.
Books
"Public Markets and Private Insurance"
J. Brown,
American Enterprise Institute Press: Washington, DC,
2010.
"Social Security Policy in a Changing Environment"
J. Brown,
J. Liebman,
D. Wise,
(Eds: Jeffrey R. Brown, Jeffrey Liebman and David Wise),
University of Chicago Press: Chicago, IL,
2009.
"The Role of Annuities in Financing Retirement."
J. Brown,
O. Mitchell,
J. Poterba,
M. Warshawsky,
MIT Press,
2001.
"How the Great Recession Affected Higher Education"
J. Brown,
[WorkingPaper.pdf]
(Eds: with Caroline Hoxby),
University of Chicago Press: Chicago, IL,
.
Monographs
"Automatic Lifetime Income as a Path to Retirement Security"
J. Brown,
2009.
Chapters in Books
"Options to Improve the Decumulation of Pension Wealth in the Netherlands"
J. Brown,
T. Nijman,
In The Future of Multi-Pillar Pensions,
Netspar,
2012.
"Reforming the Pension Benefit Guaranty Corporation"
[WorkingPaper.pdf]
54-85
In Public Insurance and Private Markets, (Eds: Jeffrey Brown),
American Enterprise Institute Press: Washington, DC,
2010.
"Who Chooses Defined Contribution Plans?"
J. Brown,
S. Weisbenner,
131-161
In Social Security Policy in a Changing Environment, (Eds: Jeffrey R. Brown, Jeffrey Liebman, and David Wise),
University of Chicago Press: Chicago, IL,
2009.
"Understanding the Role of Annuities in Retirement Planning"
J. Brown,
178-206
In Overcoming the Saving Slump, (Eds: Annamaria Lusardi),
University of Chicago Press: Chicago, IL,
2009.
"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""
J. Brown,
In The Future of LifeCycle Saving and Investing, (Eds: Zvi Bodie, Dennis McLeavey and Laurence Siegel),
CFA Institute,
2008.
"Medicaid Crowd-Out of Private Long Term Care Insurance Demand: Evidence from the Health and Retirement Survey"
J. Brown,
A. Finkelstein,
N. Coe,
In Tax Policy and the Economy, 2007, (Eds: James M. Poterba),
2007.
"Comment on Mihir Desai, Dhammika Dharmapala and W. Fung, "Taxation and the Evolution of Aggregate Corporate Ownership Concentration""
J. Brown,
In Taxing Corporate Income in the 21st Century, (Eds: Alan Auerbach, James Hines and Joel Slemrod),
Cambridge University Press: Cambridge, England,
2007.
"Intergenerational Transfers and Savings Behavior"
J. Brown,
S. Weisbenner,
181-201
In Perspectives on the Economics of Aging, (Eds: David A. Wise),
University of Chicago Press: Chicago, IL,
2004.
"Estimating Life Tablets that Reflect Socioeconomic Differences in Mortality"
J. Brown,
J. Liebman,
J. Pollet,
447-457
In The Distributional Effects of Social Security Reform, (Eds: M. Feldstein and J. Liebman),
University of Chicago Press: Chicago, IL,
2002.
"Retirement Security"
J. Brown,
B. Jenn,
In Economic Report of the President 2002,
2002.
"The Role of Real Annuities and Indexed Bonds in an Individual Accounts Retirement Program"
J. Brown,
O. Mitchell,
J. Poterba,
321-360
In Risk Aspects of Investment-Based Social Security Reform, (Eds: J. Campbell and M. Feldstein),
University of Chicago Press: Chicago, IL,
2001.
"The Supply and Demand for Charitable Donations to Higher Education."
J. Brown,
[WorkingPaper.pdf]
In How the Great Recession Affected Higher Education,
.
Honors and Awards
University Scholar
, University of Illinois
, 2011-2013
BlackRock Prize
, 25th Australasian Finance and Banking Conference
, 2012
TIAA CREF Paul A. Samuelson Award for Outstanding Scholarly Writing on Lifelong Financial Security
, TIAA CREF Institute
, 2009
List of Teachers Rated as Excellent
, University of Illinois
, 2003-2008
Early Career Scholarly Achievement Award
, American Risk and Insurance Association
, 2008
College of Business Alumni Association Award for Excellence in Undergraduate Teaching
, University of Illinois College of Business Alumni Association
, 2007
, Robert Wood Johnson Foundation Scholar in Health Policy
, 2003-2006
CESifo Prize in Public Economics awarded for paper "The Interaction of Public and Private Insurance: Medicaid and the Long-Term Care Insurance Market" by Jeffrey R. Brown and Amy Finkelstein
, CESifo
, 2006
Julian Simon Faculty Fellow
, University of Illinois College of Business
, 2005
Kulp-Wright Book Award
, Honorable Mention
, 2003
, Elected to the National Academy of Social Insurance
, 2002
, Lumina Award for Pioneering Research in Insurance and E-Commerce
, 2001
Graduate Fellow
, National Science Foundation
, 1995-1999
Health and Aging Fellow
, NBER & National Institute on Aging
, 1997-1998
Graduate Fellowship
, MIT Department of Economics
, 1995-1996
Jacob K. Javits Graduate Fellow
, U.S. Department of Education
, 1993-1995
National Graduate Fellow
, Alpha Lambda Delta
, 1993-1994
National Graduate Fellow
, Mortar Board Foundation
, 1993-1994
National Graduate Fellow
, Phi Kappa Phi
, 1993-1994
Summa Cum Laude
, Miami University
, 1990
University Honors
, Miami University
, 1990
Snider Prize in Economics
, Miami University
, 1990
Phi Beta Kappa
, Miami University
, 1989