The vintage political business cycle framework of Nordhaus (1975) represents the idea that the macroeconomic business cycle is manipulated opportunistically by an incumbent government to achieve re-election. A key assumption in this prototypical framework is that voters discount their memories...

Hyperbolic discounting with naiveté is widely believed to provide a better explanation than exponential discounting of why people borrow so much and why they wait so long to save for retirement. We reach a different set of conclusions. We show that if financial planning is enriched to include...

The decision about how much to save for retirement is likely to be dependent on when an individual plans to be retired, and vice versa. Yet, the established literature on hyperbolic discounting and life-cycle saving behavior has for the most part abstracted from choice over retirement. Two...

The Save More Tomorrow (SMarT) program of Thaler and Benartzi (2004) has been pointed to as an example of how insights from behavioral finance can be utilized to help households become better prepared for retirement. In this paper we model a representative household that discounts the future...

The vintage political business cycle framework of Nordhaus (1975) represents the idea that the macroeconomic business cycle is manipulated opportunistically by an incumbent government to achieve re-election. A key assumption in this prototypical framework is that voters discount their memories...