Foreseeable income reductions around retirement should not affect aggregate consumption. However, given higher leisure endowments after retirement, theory also predicts lower consumption of leisure substitutes. To avoid misinterpreting this predicted drop as a puzzle, our novel approach focuses...

Are there generational differences in saving behavior? On the basis of new micro data for household saving in Norway I find that differences between birth cohorts are small and statistically insignificant. In particular, cohort effects are small compared to the strong positive effect of aging on...

Are there generational differences in saving behavior? On the basis of new micro data for household saving in Norway I find that differences between birth cohorts are small and statistically insignificant. In particular, cohort effects are small compared to the strong positive effect of aging on...

Our paper empirically considers two general hypotheses related to the literature of behavioral economics. First, we test the null hypothesis that individuals behave, on average, in a manner more consistent with the rational expectations hypothesis than with the idea of self-control in the face...

Our paper empirically considers two general hypotheses related to the literature of behavioral economics. First, we test the null hypothesis that individuals behave, on average, in a manner more consistent with the rational expectations hypothesis than with the idea of self-control in the face...