Recent advances in behavioral decision research, behavioral economics, and life-span development psychology provide leverage for expanding our understanding of the decision to retire earlier versus later. This report examines how cognitive abilities, perceptions about the future, and other...

We estimate the effect of expectations about unemployment on household spending using high-frequency panel data from the RAND American Life Panel. The data were collected during the Great Recession and its aftermath, a time of great economic uncertainty. We use monthly data both on total...

Individuals' subjective expectations are important in explaining heterogeneity in individual choices, but their elicitation poses challenges. In this paper, the authors present their findings from testing an innovative visual representation of an Internet survey in the context of individuals'...

Although expectations (or subjective probability distributions) play a prominent role in models of decision-making under uncertainty, we have very little data on them and are instead forced to base our models on unverifiable assumptions. Macroeconomic models often assume rational expectations,...

Testing life-cycle models and other economic models of saving and consumption at micro level requires knowledge of individuals' subjective believes of their mortality risk. Previous studies have shown that individual responses on subjective survival probabilities are generally consistent with...