In the early 1990s, the Dutch social partners agreed upon transforming the generous and actuarially unfair PAYG early retirement schemes into less generous and actuarially fair capital funded schemes. The starting dates of the transitional arrangements varied by industry sector. In this study,...

We describe a simulated financial decision making task that requires the participant to make decisions, over the course of a life cycle, regarding how much of their income to consume immediately and how much to save for a later retirement phase in which no income will be generated. The savings...

This research project evaluates the extent of heterogeneity in time discounting among elderly Americans, as well as its role in explaining older peoples' key behaviors. We first show how older Americans evaluate simple (hypothetical) intertemporal choices in which payments now are compared with...

This paper establishes a nexus between the established fields of constitutional political economy and macroeconomic capital theory. Constitutional political economy explores how legal and institutional structures emerge over time. The evolution of property rights has always been a central focus...

It has been argued that hyperbolic discounting of future gains and losses leads to time-inconsistent behavior and thereby, in the context of health economics, not enough investment in health and too much indulgence of unhealthy consumption. Here, we challenge this view. We set up a life-cycle...

It has been argued that hyperbolic discounting of future gains and losses leads to time-inconsistent behavior and thereby, in the context of health economics, not enough investment in health and too much indulgence of unhealthy consumption. Here, we challenge this view. We set up a life-cycle...

Languages differ widely in the ways they encode time. I test the hypothesis that languages that grammatically associate the future and the present, foster future-oriented behavior. This prediction arises naturally when well-documented effects of language structure are merged with models of...

This study analyses the relation between perceived health status and intertemporal choice. We use data from experiments with real monetary rewards conducted among students in South Africa to estimate risk and time preferences. These experimental data, based on multiple price lists developed by...

This article considers an intertemporal decision problem in which the agent has limited foresight. It offers an interpretation of why people may smoke when they are young - as a result of having a short horizon of foresight - and refrain from smoking when they get older - as a result of having...

We develop a simple theoretical framework that identifies time preferences without relying on a particular utility function. Our empirical strategy requires observations about intertemporal consumption allocation decisions made under varying relative prices, and seeks to approximate the marginal...