کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5058790 1476634 2015 5 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Time inconsistency and retirement choice
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Time inconsistency and retirement choice
چکیده انگلیسی


- We examine a life-cycle consumption model that features the choice of when to retire.
- We assess the impact of hyperbolic and exponential discounting on savings outcomes.
- Hyperbolic discounting leads to less debt compared to exponential discounting.
- Hyperbolic discounting leads to earlier saving compared to exponential discounting.
- The presence of retirement choice is responsible for differences in savings outcomes.

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 naive hyperbolic discounters may borrow far less and start saving for retirement significantly earlier than exponential discounters.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Economics Letters - Volume 129, April 2015, Pages 4-8
نویسندگان
, ,