"... In PAGE 25: ... That is, we compute three new steady states, each corresponding to either the SQ, the PSA or the PP social security system, where k = 0 in all cases. The welfare numbers of interest, reported along with aggregate statistics in Table4 , are computed by comparing utility in these three steady states, and are thus free of any e ects related to capital income taxation. The main message of Table 4 is that the e ects of capital income taxation are not large in magnitude.... In PAGE 25: ... The welfare numbers of interest, reported along with aggregate statistics in Table 4, are computed by comparing utility in these three steady states, and are thus free of any e ects related to capital income taxation. The main message of Table4 is that the e ects of capital income taxation are not large in magnitude. In the SQ economy, for instance, the increase in steady state output owing to an elimination of the distortion is a mere 2%.... In PAGE 25: ... In Table 5 we isolate equilibrium e ects by holding prices and aggregate quantities xed across our experiments. The equilibrium e ects are then computed as the di erence between the xed-price results and our previous results ( Table4 ), where endogenous variables were allowed to change.... In PAGE 26: ... Table 5 shows the results of these experiments. The rst column, labeled SQ, corre- sponds to an economy identical to that reported in Table4 . The remaining two columns characterize life under an alternative regime, where prices are held identical to those under- lying the rst column.... In PAGE 26: ... ects and a gain of 0.39% without them. The key to understanding these relatively large general equilibrium e ects | as well as the main punchline in our paper | is understanding the increase in the capital stock which is associated with making agents provide for their own pensions. In Table4 we see that this increase is substantial: absent capital income taxation, aggregate capital increases by just under 10% for a move to the PSA system and just over 25% for a move to the PP. In simple terms, the welfare gains owe to being born into a richer economy.... In PAGE 28: ... We now demonstrate that a critical ingredient driving this increase in aggregate capital is the savings response of an individual, having lost access to the annuities which social security provides. In Table 7 we report results from an experiment analogous to that in Table4 , but where perfect annuities have been added in the same manner as described above. Speci cally, the comparison in Table 7 is conducted across alternative steady states (with zero capital... In PAGE 29: ...he SQ economy with perfect annuities, is 2.7% for the PSA and 1.9% for the PP. The increases in aggregate consumption and output are also small, especially when compared to the the increases reported in Table4 . In addition, a smaller capital stock, relative to the economies which exclude annuities (Table 4), makes for lower wages and therefore a lower payroll tax base.... In PAGE 29: ...he SQ economy with perfect annuities, is 2.7% for the PSA and 1.9% for the PP. The increases in aggregate consumption and output are also small, especially when compared to the the increases reported in Table 4. In addition, a smaller capital stock, relative to the economies which exclude annuities ( Table4 ), makes for lower wages and therefore a lower payroll tax base. The payroll tax rate must therefore be higher | 31.... In PAGE 29: ...ayroll tax base. The payroll tax rate must therefore be higher | 31.7% in Table 7 versus 21.7% in Table4 | which itself provides a further drag on disposable income and welfare. Taken at face value, the implication of these results is that the provision of annuities makes agents worse o .... In PAGE 41: ...226 -94.567 Economies are identical to those in Table4 , except that agents have access to perfect annuity markets. Entries correspond to per capita values (except for the various `rates apos;) for economies featuring the status quo U.... ..."

"... In PAGE 8: ...or actors (e.g. social security numbers, business identification numbers, digital document recognition etc.) Table1 summarizes the ETI for B2C and B2B models by illustrating all detailed components that must be considered in the analysis of implementing and executing eBusiness models. This serves to further capture the complexity of the eBusiness ... ..."

"... In PAGE 6: ... When we examine the resulting data, every value in each field will occur at least b times with the exception of one-to-one replacement values, as is the case with social security numbers. Table5 shows the relationship between bin sizes and selected anonymity levels using the Cambridge vot- ers database. As A increased, the minimum bin size increased, and in order to achieve the minimal bin size requirement, values within the birth date field, for example, were re-coded as shown.... ..."

"... In PAGE 9: ... It highlights the interaction of Treasury, Social Security, and Federal Reserve and compresses all other entries into a single balance item that will be taken as given. Table4 decomposes the overall federal balance sheet into its Treasury and social security components, adds a simple Federal Reserve balance sheet, and shows a consolidated balance sheet that includes Fed assets and the monetary base (currency and reserves). The Treasury component shows the debt held by the private sector, the Fed, and the social security system.... ..."

"... In PAGE 65: ... In other cases, (see Denmark), social security contributions are very low and by contrast, personal income tax rates are the highest. Table14 shows effective average rates as percentage of labour costs: income tax, employee ... ..."

"... In PAGE 15: ...s given a value of .8. Finally, the initial value of the PPPG supplied by the government is 2.0. The results of the various cases discussed in this section are summarized in Table1 . The one statistic not reported in Table 1 is the value of utility of the participants in the economy.... In PAGE 15: ...s given a value of .8. Finally, the initial value of the PPPG supplied by the government is 2.0. The results of the various cases discussed in this section are summarized in Table 1. The one statistic not reported in Table1 is the value of utility of the participants in the economy. This paper is concerned with the macroeconomic implications of various policy adjustments and not whether the changes are welfare (or Pareto) improving.... In PAGE 16: ... In the first case we assumed that the supply of PPPG remains unchanged as social security changes the composition of its assets held. As in the theoretical section, one finds (from Table1 ) that the size of the aggregate capital stock is reduced (from 3.... In PAGE 20: ... The introduction of the guaranteed minimum also causes a little reduction in average consumption and a small increase in the uncertainty of the young savers, the young non-savers, and the old savers as compared to when there is no minimum guarantee in place. These results can be seen in Table1 .) As expected, the average consumption of the old non- savers is increased (from 3.... ..."

"... In PAGE 21: ... For each option they were given two equally likely possible pay-outs: a good scenario and a bad scenario. The specific investment choices we used: A, B, C, and D, are displayed at the bottom of Table3 . Investment Program A, for instance, provides a certain amount of $900 per month (pretax in today apos;s dollars).... In PAGE 22: ... (A sample questionnaire is provided in Appendix D.) [Insert Table3 About Here] Table 3 displays participants apos; first, second, and third choice (condition BC had two choices only). The table provides the frequency of a given choice pattern by condition.... In PAGE 22: ... (A sample questionnaire is provided in Appendix D.) [Insert Table 3 About Here] Table3 displays participants apos; first, second, and third choice (condition BC had two choices only). The table provides the frequency of a given choice pattern by condition.... ..."

"... In PAGE 15: ... However, younger Americans have no such confidence in the continuation of the system until their retirement. The first two columns of Table2 present least absolute deviations (LAD) estimates of best linear predictors that describe the cross-sectional variation of eligibility probabilities with demographic and economic covariates of the respondents. The estimates in the first column of the table are based on the 1277 SEE respondents who report their eligibility probability and covariates, while those in the second column are based on the smaller sample of 871 respondents who answer the entire sequence of expectations questions.... ..."