Individuals often report that they regret not having saved more for retirement. This fact raises concerns about the financial security of retirees and about the adequacy of traditional economic models in making predictions that are consistent with regret about having saved too little for...

The Senate Aging Committee and the Government Accountability Office (GAO) both encourage Congress to take a Rawlsian perspective when evaluating Social Security reform measures that are intended to cope with changing demographics. In their estimation, a desirable reform should not only balance...

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...