Gustman, Alan L.; Steinmeier, Thomas L. - In: Journal of Public Economics 96 (2012) 5, pp. 465-473
This paper constructs a structural retirement model with hyperbolic preferences and uses it to estimate the effect of … substantial amounts of wealth for retirement. We find it is frequently difficult to distinguish empirically between models with … the two types of preferences on the basis of asset accumulation paths or consumption paths around the period of retirement …