. In order to disentangle age effects from cohort and period factors, we estimate individual fixed-effects models …

. We estimate the age patterns of discount rates from age 25 to 80. In order to identify age effects, we have to … discount rates decrease with age and the decline is remarkably linear over the life cycle. …

set aside, but the necessary amount decreases with age which allows consumption to increase in the early part of life. At … some age, the impatience outweighs the habit concerns so that consumption starts to decrease. We derive the optimal … consumption strategy in closed form, deduce sufficient conditions for the presence of a consumption hump, and characterize the age …

-term panel data. We provide new evidence that discount rates decrease with age and the decline is remarkably linear over the life …

Security early entitlement age to 64 induces 5 percent of the population to delay retiring, shifting the retirement spike from …

inadequate. Once they reach age 62, the benefit accrual profile declines with age. This is the major explanation for the spike in … effect. Simulations with the model suggest that raising the Social Security early entitlement age from age 62 to 64 will … shift about three fifths of the bunching of retirements at age 62 to age 64. The bunching amounts to about 8 percent of the …

accumulate less wealth relative to their geometric counterparts and that they participate in the stock market at a later age …