Who cares about the day after tomorrow? : pension issues when households are myopic or fime inconsistent

Axel Börsch-Supan, Klaus Härtl, and Duarte Nuno Leite

Pension economics has traditionally guided pension policy with the help of formal models based on individuals who think in a life cycle context with perfect foresight, full information, and in a time-consistent manner. This paper sheds light on selected aspects of pension economics when these assumptions do not hold. We focus on three aspects which are particularly relevant for the quickly aging Asian economies: the volume of savings for old-age provisions, international diversification of retirement savings, and global spillover effects of pension reforms.

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Year of publication:	[2017]
Authors:	Börsch-Supan, Axel ; Härtl, Klaus ; Leite, Duarte
Publisher:	Tokyo, Japan : Asian Development Bank Institute
Subject:	Population aging \| social security \| life-cycle saving \| public insurance \| pension reform \| retirement age \| Altersvorsorge \| Retirement provision \| Sparen \| Savings \| Zeitkonsistenz \| Time consistency \| Portfoliodiversifikation \| Portfolio diversification \| Verhaltensökonomik \| Behavioral economics \| Alternde Bevölkerung \| Aging population \| Rentenreform \| Pension reform \| Prognose \| Forecast \| Asien \| Asia \| Japan \| 2015-2060