Showing 1 - 6 of 6
Persistent link: https://www.econbiz.de/10012138764
The standard approach to welfare analysis under dynamically inconsistent preferences is to assume that the welfare of an individual is maximized if he can commit to his initial goal. We study a potential rationale for such welfare analysis. In some prominent, well-studied examples with...
Persistent link: https://www.econbiz.de/10012904915
Persistent link: https://www.econbiz.de/10012285671
Persistent link: https://www.econbiz.de/10011730016
Nearly all life-cycle models adopt Yaari's (1965) assumption that individuals know the survival probabilities that they face. Given that an individual's exact survival probabilities are likely unknown, we explore the implications of relaxing this assumption. If there is no annuity market, then...
Persistent link: https://www.econbiz.de/10012455034
Uncertainty about the timing of retirement is a major financial risk with implications for decision making and welfare over the life cycle. We estimate that the standard deviation of the difference between retirement expectations and actual retirement dates ranges from 4.28 to 6.92 years. We...
Persistent link: https://www.econbiz.de/10012456070