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

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Year of publication:	2015
Authors:	Findley, T. Scott
Other Persons:	Caliendo, Frank (contributor)
Publisher:	[2015]: [S.l.] : SSRN
Subject:	Altersgrenze \| Retirement \| Zeitkonsistenz \| Time consistency \| Altersvorsorge \| Retirement provision \| Theorie \| Theory

Extent:	1 Online-Ressource (12 p)
Series:	Netspar Discussion Paper ; No. 11/2014-076
Type of publication:	Book / Working Paper
Language:	English
Notes:	Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments November 12, 2014 erstellt
Other identifiers:	10.2139/ssrn.2573505 [DOI]
Classification:	C61 - Optimization Techniques; Programming Models; Dynamic Analysis ; D91 - Intertemporal Consumer Choice; Life Cycle Models and Saving
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10013027104