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. -- stochastic mortality ; subjective survival expectations ; forecast dispersion ; savings behavior …Theoretical studies suggest that unexpected changes in future mortality and survival probabilities (stochastic … mortality) are important determinants of individuals’ decisions about consumption, saving, asset allocation, and retirement …
Persistent link: https://www.econbiz.de/10008663390
matching data on longevity risk from the Human Mortality Database. We find a positive relationship between the forecast … longevity risk. Our analysis of savings behavior shows that the dispersion in survival estimates is primarily explained by …
Persistent link: https://www.econbiz.de/10013115873
Theoretical studies suggest that unexpected changes in future mortality and survival probabilities (stochastic … mortality) are important determinants of individuals' decisions about consumption, saving, asset allocation, and retirement … (SHARE) and corresponding life table data from the Human Mortality Database (HMD), we find evidence of respondents' awareness …
Persistent link: https://www.econbiz.de/10010281598
uptake of German households in a probit model. Using survey data on savings and old-age provision, we find that subjective …
Persistent link: https://www.econbiz.de/10003969303
is compared with hyperbolic discounting within a standard life-cycle setting of consumption and savings. We show …
Persistent link: https://www.econbiz.de/10010340559
On average, "young" people underestimate whereas "old" people overestimate their chances to survive into the future. We adopt a Bayesian learning model of ambiguous survival beliefs which replicates these patterns. The model is embedded within a non-expected utility model of life-cycle...
Persistent link: https://www.econbiz.de/10013092823
life-cycle consumption and savings. According to numerous studies on subjective survival beliefs, young people also …
Persistent link: https://www.econbiz.de/10011629177
for and control over the accumulation and use of savings for retirement. …
Persistent link: https://www.econbiz.de/10011860282
provide evidence that individuals mis-perceive their mortality risk, and study the demand for annuities in a setting where …
Persistent link: https://www.econbiz.de/10011991369
Matched transaction-level, credit-registry, and survey-based data reveal that consumers on average form excessively high (low) income expectations relative to ex-post realizations after unexpected positive (negative) income shocks. These extrapolative income expectations lead consumers to...
Persistent link: https://www.econbiz.de/10014635678