idiosyncratic risk resulting from uncertain retirement periods and medical costs in retirement. Without social insurance, such …

We revisit the alleged retirement consumption puzzle. According to the life-cycle theory, foreseeable income reductions … such as those around retirement should not affect consumption. However, we first recall that given higher leisure … endowments after retirement, the theory does predict a fall of total market consumption expenditures. In order not to mistake …

We revisit the alleged retirement consumption puzzle. According to the life-cycle theory, foreseeable income reductions … such as those around retirement should not affect consumption. However, we first recall that given higher leisure … endowments after retirement, the theory does predict a fall of total market consumption expenditures. In order not to mistake …

We revisit the alleged retirement consumption puzzle. According to the life-cycle theory, foreseeable income reductions … such as those around retirement should not affect consumption. However, we first recall that given higher leisure … endowments after retirement, the theory does predict a fall of total market consumption expenditures. In order not to mistake …