Kumru, CagriPiggott, John RThanopoulos, Athanasios2024-01-150812-0439http://hdl.handle.net/1885/311453This study analyses the relative performance in terms of welfare of the current US PAYG system compared to an array of cost equivalent alternative specifications of means‐tested pension programmes. We conduct our analysis under two different settings. While in the first setting, individuals have standard preferences; in the second setting, individuals have self‐control preferences. We show that the implications of the reform substantially differ across the two settings.application/pdfen-AU© 2019 The Economic Society of Australiadynamic general equilibriumsocial securitymeans testingwelfare201910.1111/1759-3441.122622022-09-25