-additive survival beliefs expressing ambiguity attitudes. We embed these neo-additive survival beliefs as decision weights in a Choquet … expected utility life-cycle consumption model and calibrate it with data on subjective survival beliefs from the Health and … Retirement Study. Our quantitative analysis shows that agents with calibrated neo-additive survival beliefs (i) save less than …

. This relationship holds for arbitrary survival beliefs and time-discount factors. Quantitatively, the difference in saving …

adopt a Bayesian learning model of ambiguous survival beliefs which replicates these patterns. The model is embedded within … survival beliefs (i) save less than originally planned, (ii) exhibit undersaving at younger ages, and (iii) hold larger amounts …

life-cycle consumption and savings. According to numerous studies on subjective survival beliefs, young people also … economics approach to jointly address both empirical phenomena by embedding subjective survival beliefs that are consistent with …