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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,...
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Financially successful retirement depends in large part on managing longevity risk: individuals need to save during their working lives to cover expenses in retirement, and then they must spend down those savings carefully so as not to outlive their assets. Despite the centrality of individuals'...
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