In this paper, we attempt to unpack the nature of revealed inconsistencies in two measures of risk preferences for a sample of young African South Africans. The first measure is a self-reported propensity to take risk in general, and the second is a risk preference elicited through a...

This paper provides a novel interpretation of focal point responses (0, 50, 100 percent) in terms of ambiguous beliefs dynamics that arise in new developments of decision theory such as Choquet expected utility theory. In particular, focal point responses that have been updated from nonfocal...

In this paper we demonstrate that the magnitude of the reaction of saving behavior to a change in the anticipated retirement date is largely determined by the degree to which utility is additively separable in consumption and leisure. We show that the relative decrease in saving in response to a...

This paper uses seven waves of data from the US Health and Retirement Study to investigate the impact of expectations regarding the timing of retirement on pre-retirement wealth accumulation. More specifically, we analyze the effect of the individual's subjective belief that he will work full...

As a result of population aging, governments of many OECD countries have begun to implement policies to increase average retirement ages in an attempt to alleviate some of the Â…nancial strain in supporting retirees. This paper explores the effect that later retirement ages have on aggregate...