Skim the paper Public Pension Promises: How Big Are They And What Are They Worth? by Robert Novy-Marx and Josh

Skim the paper Public Pension Promises: How Big Are They And What Are They Worth? by Robert Novy-Marx and Josh

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Skim the paper “Public Pension Promises: How Big Are They And What Are They Worth?” by Robert Novy-Marx and Josh Rauh (Journal of Finance, 2011). Here is the link: https://onlinelibrary.wiley.com/doi/full/10.1111/j.1540-6261.2011.01664.x In skimming, focus on the big picture and pay attention to how their exercise relates to both the forecasting of cashflows and the estimation of discount rates.  (a) In words, explain how they approach the estimation of discount rates? 

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In their paper Public Pension Promises How Big Are They And What Are They Worth Robert Novy Marx and Josh Rauh examine the valuation of public pension
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