) through both a savings channel and an effective labor supply channel. The effects can be quantitatively large if the …

-cycle (or target date) funds. We find that life-cycle funds designed to match the risk tolerance and investment horizon of … investors have small welfare costs. All other choices, including life-cycle funds which do not match investors' risk tolerance …

A central justification for social insurance and for other policies aimed at retirement savings is that individuals may … payroll taxes and other withholding to fund retirement savings as akin to an income tax, while largely ignoring the distant …, making savings-promotion policies much more costly than appreciated. Or consider what may be the labor supply implications …

Substantial evidence suggests that savings behavior may depart from neoclassical optimization. This article examines … the implications of raising the savings rate - whether through social security, retirement plans, or otherwise - for labor … savings behavior. Under one formulation, raising the targeted savings rate has the same effect on labor supply as that of …

, consumption, and savings. We find that winning a modest prize ($15,000 per year for twenty years) does not affect labor supply or … earnings substantially. Winning such a prize does not considerably reduce savings. Winning a much larger prize ($80,000 rather … approximately the same amount. Winning $80,000 increases overall savings, although savings in retirement accounts are not …

This paper studies consumption and labor supply in a model where agents have partial insurance and face risk and …

discussion of dependency ratios. Two alternative measures of age are explored: mortality risk and remaining life expectancy. With …

frictions that allows us to distinguish between different sources of risk and to estimate their effects. The sources of risk are … variability due to shocks from variability due to the responses to these shocks. Estimates of productivity risk, once we control … for employment risk and for individual labour supply choices, are substantially lower than estimates that attribute all …