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Household portfolios and financial preparedness for retirement
Crawford, Rowena; O'Dea, Cormac - In: Quantitative economics : QE ; journal of the … 11 (2020) 2, pp. 637-670
factors for households and compare these estimates of their patience to their replacement rates-the simple measure often used …
Persistent link: https://www.econbiz.de/10012213993
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Savings transition in Asia : unity in diversity
Athukorala, Premachandra; Wanissa Suanin - 2022
This paper examines the national savings behaviour in the process of economic growth through a comparative analysis of … 'virtuous circle' between growth and savings, with growth initiating the savings transition. No evidence to suggest that a prior … phase of promoting savings through specific policy initiatives is needed to initiate the process of growth and structural …
Persistent link: https://www.econbiz.de/10013479526
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Exploitative Contracting in a Life Cycle Savings Model
Sulka, Tomasz - 2020
Pension reforms in OECD countries endow individuals with more responsibility for their financial security in retirement, raising concerns about their ability to select appropriate pension arrangements and save adequately. This paper analyses the interaction between a present-biased individual...
Persistent link: https://www.econbiz.de/10012845668
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Revisiting Precautionary Saving Under Ambiguity
Peter, Richard - 2018
I study the consumption-saving problem with non-separable utility under ambiguity. Using smooth ambiguity aversion, I show that the introduction of ambiguity and greater ambiguity aversion raise optimal saving. When relative prudence in ambiguity preferences is bounded by 2, also greater...
Persistent link: https://www.econbiz.de/10012916994
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Time preferences over the life cycle and household saving puzzles
Kureishi, Wataru; Paule-Paludkiewicz, Hannah; … - 2021
Most economic models assume that time preferences are stable over time, but the evidence on their long-term stability is lacking. We study whether and how time preferences change over the life cycle, exploiting representative long-term panel data. We provide new evidence that discount rates...
Persistent link: https://www.econbiz.de/10012486383
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Planning and Saving for Retirement
Sulka, Tomasz - 2020
Planning for retirement is difficult, but essential for future financial security. To formally analyse the interplay between planning and self-control, I introduce cognitive costs of formulating a plan into the two-system model of impulse control. The resulting possibility of rational inaction...
Persistent link: https://www.econbiz.de/10012834509
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Kantian optimization with quasi-hyperbolic discounting
Borissov, Kirill; Pakhnin, Mikhail; Wendner, Ronald - 2022
We consider a neoclassical growth model with quasi-hyperbolic discounting under Kantian optimization: each temporal …
Persistent link: https://www.econbiz.de/10013255890
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Planning and saving for retirement
Sulka, Tomasz - 2022
Planning for retirement and subsequent execution of the plan are difficult, but essential for financial security in old age. To formally analyse the interplay between planning and self-control, I introduce cognitive costs of formulating a plan into the dual-self model of impulse control. The...
Persistent link: https://www.econbiz.de/10013161586
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Time Preferences Over the Life Cycle and Household Saving Puzzles
Kureishi, Wataru; Paule-Paludkiewicz, Hannah; … - 2021
Most economic models assume that time preferences are stable over time, but the evidence on their long-term stability is lacking. We study whether and how time preferences change over the life cycle, exploiting representative long-term panel data. We provide new evidence that discount rates...
Persistent link: https://www.econbiz.de/10013239561
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Who Saves More, the Naive or the Sophisticated Agent?
Groneck, Max; Ludwig, Alexander; Zimper, Alexander - 2022
We consider a class of additively time-separable life-cycle consumption-savings models with iso-elastic per period power utility featuring resistance to inter-temporal substitution of θ with linear consumption policy functions. The utility maximization problem is dynamically inconsistent for...
Persistent link: https://www.econbiz.de/10014236950