Arbeitspapier

Time Inconsistency and Retirement Choice

Hyperbolic discounting with naiveté is widely believed to provide a better explanation than exponential discounting of why people borrow so much and why they wait so long to save for retirement. We reach a different set of conclusions. We show that if financial planning is enriched to include the choice of when to retire, then naïve hyperbolic discounters may borrow far less and start saving for retirement significantly earlier than exponential discounters.

Sprache
Englisch

Erschienen in
Series: CESifo Working Paper ; No. 5208

Klassifikation
Wirtschaft
Optimization Techniques; Programming Models; Dynamic Analysis
Micro-Based Behavioral Economics: Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making‡
Thema
hyperbolic discounting
naiveté
retirement choice
time inconsistency
life-cycle consumption and saving

Ereignis
Geistige Schöpfung
(wer)
Findley, T. Scott
Caliendo, Frank N.
Ereignis
Veröffentlichung
(wer)
Center for Economic Studies and ifo Institute (CESifo)
(wo)
Munich
(wann)
2015

Handle
Letzte Aktualisierung
10.03.2025, 11:42 MEZ

Datenpartner

Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.

Objekttyp

  • Arbeitspapier

Beteiligte

  • Findley, T. Scott
  • Caliendo, Frank N.
  • Center for Economic Studies and ifo Institute (CESifo)

Entstanden

  • 2015

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